Suzlon Energy's earnings dip primarily reflects an Rs 891 crore one-time deferred tax asset recognized in the prior-year period, without which comparable net profit edged up 1.3%. Top-line performance strengthened as revenue reached Rs 4,869 crore, propelled by higher turbine shipments and a 196% surge in commissioning activity. However, EBITDA margins contracted to 14.8% as segment profitability in the core renewable energy division softened. The company closed the quarter maintaining a robust net cash position of Rs 2,048 crore alongside an expanding commercial order backlog.
Key points
Underlying profitability remained stable once adjusted for the previous year's massive de…: Underlying profitability remained stable once adjusted for the previous year's massive deferred tax asset distortion.
Operational execution accelerated significantly, demonstrated by a nearly threefold jump…: Operational execution accelerated significantly, demonstrated by a nearly threefold jump in installed commissioning capacity to 454 megawatts.
A strong liquidity profile supported by net cash reserves enables continued expansion acr…: A strong liquidity profile supported by net cash reserves enables continued expansion across its 15 manufacturing facilities.
Sources checked by our analysis pipeline: 1
The sharp decline in reported profit was largely due to a high base in the year-ago quarter, when the renewable energy company recognised a one-time deferred tax asset benefit of Rs 891 crore.
Excluding this benefit, the company's comparable profit after tax increased 1.3% from Rs 389 crore in the September quarter of FY26. Revenue from operations rose to Rs 4,869 crore from Rs 3,866 crore a year earlier, driven by higher wind turbine deliveries and improved project execution.
On a sequential basis, net profit increased 29% from Rs 305 crore in the June quarter, while revenue grew 27% from Rs 3,819 crore.
Suzlon's EBITDA stood at Rs 720 crore, broadly unchanged from Rs 721 crore a year earlier. However, it increased 21% sequentially from Rs 595 crore. The EBITDA margin contracted to 14.8% from 18.6% in the corresponding quarter last year and 15.6% in the preceding quarter.
Suzlon reported its highest-ever second-quarter wind turbine deliveries in India at 710 megawatts (MW), up 26% from 565 MW a year earlier and 40% from 506 MW in the June quarter. Wind…
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