Last month, Crisil Ratings upgraded the Rs 4,054 crore worth of bank facilities of Suzlon Energy and removed ‘rating watch with developing implications.’
“The rating upgrade factors in sharp reduction in debt (paying off the entire term debt) done from the proceeds of a recent QIP, ” the agency had noted.
Profit warnings to hit S&P 500 as high rates pinch consumers in US
Even ahead of that the stock had been rallying on the promise of a de-leveraged balance sheet, a strong order-book and a favourable outlook for the wind energy sector following regulatory changes. The stock has delivered a return of 225% in the last six months and closed Tuesday’s session at Rs 26.45.
Blue Star Q3 Results: Profit jumps 71.9% to Rs 100.39 crore, carried forward order book at Rs 6,038.53 crore Dynacons bags order for project of high-performance digital workplace solution from BHEL Boost to the rail manufacturing sector! Titagarh Rail forms JV with Amber group to build railway components in India and Italy Diversifying India’s critical mineral sourcing for a stable future
Analysts at ICICI Securities pointed out the company reported its first adjusted profit after tax (PAT) of Rs 170 crore in FY23 after FY10, excluding FY17. “We expect revenues to grow at a compounded 37% to around Rs 11,200 crore over FY23-25, analysts at the brokerage wrote. They estimate net profits at Rs 1,100 crore in FY25.
Post a restructuring of the debt, the company’s gross debt stood at Rs 1,806 crore in June. In August a Qualified institutional placement (QIP) of shares for Rs 2,000 crore helped the company repay Rs 1,500 crore of borrowings.
Debt levels have thus come down from Rs 11,552 crore in FY19 to Rs 1,937 crore in FY 23. The company’s net worth turned positive after nine years. Crisil had observed the fund-based borrowings are also expected to remain nominal because of healthy cash flow generation from the O&M (operation and maintenance) services business and no material debt funded capex plans.
Regulatory changes in the sector are expected to facilitate capacity addition.
“India has amended the wind energy policy, which adversely impacted capacity addition between FY17-FY23. It has discontinued with reverse e-auctions, introduced wind-specific RPOs (renewable purchase obligation), and its plans to auction 10GW per annum. Also, the repowering policy is under works,” analysts at ICICI Securities wrote.
The company’s consolidated order book stands at 1.6 gigawatts. Of this, the mix is 55% from the 3-MW turbine and 45% from the 2-MW turbine. From an installed base perspective, the company has a capacity of 3-4 GW from a mix of its 2-MW and 3-MW turbines.
The company has won major orders every month in the last couple of months, including a 31.5 MW wind power project for Integrum Energy Infrastructure and an order for 29.4 MW of wind capacity which is part of a 100 MW wind-solar project of BrightNight.
Analysts at JM Financial noted Suzlon has a leading market share 33% and higher depth of manufacturing (4.5GW). They feel the company is well-placed to grow its order book. Moreover, they point out the O&M services piece is profitable and that the company’s technology is superior, with 3MW sets under testing. They expect the order book to grow to 2GW by March 2026.
Also Read
Nifty to be positively biased above 19800; IT, Pharma, Automobiles looks positive
The company has cut back on costs in the last two to three years which helped the turbine business to achieve an Ebitda of Rs 48 crore in FY23. Additionally, the company has opted for orders with better margins and a receivable profile as also a pass- through for cost escalation, Crisil said. The agency estimates the company could achieve a consolidated Ebitda of above Rs 750 crore in FY24.
An email sent to company on the subject did not elicit any response.
Suzlon said in its Q1FY24 investor presentation a stronger balance sheet brings the ability to meaningfully participate in growth amid ongoing energy transition. “Our priority going forward is to pursue quality orders with a higher value and better margins. Our focus remains on executing and building our order book,” said JP Chalasani, group CEO at Suzlon Energy in on the analysts call.
The ministry of new and renewable energy has also announced a renewable energy project bidding trajectory of 50 gigawatt per annum, which includes 10 gigawatts of wind from FY24 to FY28. Suzlon is well positioned to capture the market opportunity from energy transition, the company said.
A senior executive at a consulting firm said that earlier lot of bids were happening separately for wind and solar energy. “But today utilities are asking for round the clock power, want lower costs but are technology agnostic. Solar and wind are complemented each other hence Suzlon has gained from this demand,” he said.
He said demand is also increasing from commercial and industrial (C&I) segment for captive power and legacy companies in the segment such as Suzlon, Siemens Gamesa and Vestas are gaining from the trend.
“Demand has increased but supply is limited. Companies are able to tap the demand. That’s why orders have improved.,” he said.
In 2019, Union Bank classified Suzlon Energy’s loan account as non performing asset or NPA. The company went in for debt restructuring in 2020, when its lenders took a haircut of 62% for the Rs 13,800 crore it owed to SBI-led consortium of 18 banks. In 2022, the SBI-led consortium sold loans worth Rs 8,000 core to Rural Electrification Corp (REC) and Indian Renewable Energy Development Agency (IREDA).
Related Posts
เฟร์นานโด มอเรียนเตส อดีตกองหน้า เรอัล มาดริด แนะนำ คาร์โล อันเชล็อตติ ว่าควรพิจารณาให้ เอ็นดริค เฟลีเป้ ลงเล่นแทน คีลียัน เอ็มบั๊ปเป ในเกมมาดริดดาร์บี้แมตข์กับ แอตเลติโก มาดริด วันอาทิตย์นี้ ตามรายงานจาก 'เดียรีโอ อาส' เมื่อวันเสาร์ที่ผ่านมา
ก่อนหน้านี้มีรายงานว่า อันเชล็อตติ อาจส่ง เอ็นดริค ออกสตาร์ทครั้งแรกในเกมกับ อลาเบส เมื่อวันอังคารท�…
เทน ฮาก ผลงานช่วงหลังไม่ดีล่าสุดแพ้ สเปอร์ส 0-3 คารังโอลด์ แทร็ฟฟอร์ด แถมกำลังจะเจอคิวแข่งยากฐานะทีมเยือน ปอร์โต้ ใน ยูโรปา ลีก และเยือน แอสตัน วิลล่า เกมลีก
ส่งผลให้ ‘อีทีเอช’ ถูกบ่อนรับพนันยกเป็นเต็ง 1 หัวหน้าผู้สึกนรายต่อไปที่โดนเด้งในพรีเมียร์ลีก อังกฤษ เรต 2/3 (แทง 3 จ่าย 2 ไม่รวมทุน)
กระแสจากภายนอกอย่างไรไม่สนเพราะกุนซือดัตช์เชื่อยุทธศาสตร์ทีม�…
After what seems like an interminable wait, AMD’s Navi 32 GPU is finally starting to break cover. This is the second-tier RDNA 3 graphics processor, and only the second ever to use AMD’s new GPU chiplet packaging techniques. The red team seems to be focused on the mobile market at the moment, and the fact that it’s the laptop versions of the RX 7800-series silicon that has been leaked is telling.
That does, however, mean we’re still likely to be waiting a while for the desktop card to arrive, either in RX 7700 or RX 7800 trim.
Twitter leaker, All_The_Watts has listed the expected specifications for five different Navi 32-based mobile graphics cards. While there is no way to 100% verify the truth of these rumoured specs, they look pretty likely and consistent with the previous generation of AMD mobile GPUs.
They have also posted a shot of a 3DMark Time Spy benchmark supposedly from an RX 7800M XT run, and it’s way beyond what the best of the last-gen laptop Ra…
Microsoft has announced that the next Xbox Games Showcase will begin at 10 am PT/1 pm ET on June 11, and will be followed immediately by the much-anticipated Starfield Direct, “a deep-dive into Bethesda Game Studios’ highly anticipated sci-fi RPG.”
It is true that we already knew that the Xbox livestream and Starfield Direct were set for June 11: Microsoft said so back in March, when it announced the currently-still-holding September 6 release date. Microsoft and Bethesda had previously opted to exclude Starfield from a January 6 Developer Direct livestream, saying it wanted to do a standalone show “to dedicate the proper amount of time for a deep dive” into it.
What we did not have, until now, is the timing. An exact kickoff time for Starfield Direct (which is no doubt the priority for some viewers) wasn’t announced, which isn’t terribly surprising given that it’s basically one continuous show anyway.
It sounds like this will be a pretty big deal for eager S…
A cult is only as strong as its thousands of brainwashed followers, so to be the best, you need to ensure that you’ve entrapped everyone you can get a hold of into your way of thinking, then dispose of anyone who gets in your way. If you need a handy how-to, the latest trailer for Worship, an upcoming roguelike, has your back.
We just got to see the first trailer for Worship at the PC Gaming Show since the project to fund it launched back in March 2021, and this time, we’ve had an even better look at the multiplayer fights and turf wars within.
Although the short trailer is pretty fast-paced, there’s still plenty of room to get an idea of what it’ll be like to rise to the top with your friends. You can also start the end of the world by yourself, but an apocalypse shared is an apocalypse halved, and it’s more fun anyway. Apart from seeing how you’ll initiate your followers, we also get a glimpse at multiplayer fights.
It turns out there’s more to Worshi…
The Yakuza/Like a Dragon games are an annualized series, a new entry appearing every year since 2014, and sometimes two per year—as was the case in 2023, when Ryu Ga Gotoku Studio released both Like a Dragon: Ishin! and Like a Dragon Gaiden: The Man Who Erased His Name. With so many games coming out, making sure they feel at least a little different, with changing protagonists, locations, and time periods, is essential. Changing the combat system was one of the most surprising shifts.
When the turn-based JRPG combat of Yakuza: Like a Dragon was first revealed in a trailer on April 1, 2019, some players assumed it was an April fool’s joke and it would stick with the series’ brawler-style combat. But RGG was serious, and the mainline series is staying turn-based for next year’s Like a Dragon: Infinite Wealth.
“RGG Studio’s games are narrative games”, chief producer Hiroyuki Sakamoto recently told Game Informer. “We always think flat about the most enjoyable form of t…
The artist, known on TikTok as artbypacoway (or Paco, for short) has a series of videos showcasing how he’s modernising a classic painting in a different way—by adding Fortnite to it. Honestly, it looks so amazing that it feels as if Peely was always meant for oil paintings.
Paco has spent 12 days adding different characters and items from Fortnite to a classic landscape painting of a crooked bridge and a quiet stream that he found at a thrift shop. It looks like he’s finally finished with his project, so the last video showcased a quick explainer of everything he changed in the painting and why he did it.
After sharing his idea on the internet a couple of weeks ago, he received “thousands of suggestions” about the project. “I tried to pick and choose what I thought were the most popular requests,” Paco says in the TikTok. These include the Loot Llama and a barrel full of fishing poles. But adding your favourite characters and items from Fortnite isn’t …
B&H has a wildly good deal on one of our favorite all-time NVMe SSDs, which you can pick up right now for only $165. The timing couldn’t be better if you’re looking for an easy but meaningful upgrade to your gaming PC before you commit the next 300 hours of your life to Baldur’s Gate 3, a game that requires an SSD and at least 150GB of available storage to meet its rather beefy minimum requirements.
The 2TB version of the drive usually costs $270, but right now, it’s over $100 off, making it an absolute steal and an easy recommendation.
When we reviewed the FireCuda 530, we praised its remarkable performance and unrivaled reliability, positioning it as the leading choice for premium memory storage. The only drawback we found was the absence of AES 256-bit encryption and its steep price tag.
With read and write speeds reaching an impressive 7,300MB/s and 6,900MB/s, respectively, the FireCuda 530 was one of the best NVMe SSDs last year before it was knocked off…
Microsoft’s Xbox Showcase gave us our first look proper at Playground Games’ upcoming Fable reboot and the vibes are as good as it gets. The trailer stars comedian and actor Richard Ayoade, a fruit and vegetable farmer with a very low opinion of heroes (“wafters”, he says, not unfairly). This is interspersed with clips of a Fable hero doing their thing, as she shanks a few bandits, sinks the odd pint, and seemingly wellies a chicken into the upper atmosphere.
Things take a turn after that and, if you want to see for yourself, watch above before reading on. A giant beanstalk grows, the next thing you know the hero’s at a massive door, and It turns out Ayoade is in fact a giant. “Well, this is awkward” he says to her before a quickfire action sequence chasing the diminutive hero around his house. The sequence ends with the hero in his grasp, being raised to his mouth, and turning to the camera to say “fff-” which abruptly cuts to the Fable logo, before a neat little coda suggest…
In a talk at last week’s Game Developers Conference in San Francisco, Firaxis game director Joe Weinhoffer broke down the evolution of Marvel’s Midnight Suns’ tactical combat and explained the thinking behind the game’s most polarizing element: using cards to represent superhero powers.
“Is it odd that we have cards in a tactical superhero game? Yes, absolutely,” Weinhoffer said early in the talk. “We knew this would be a controversial choice, and that reception and first impressions would be mixed. We certainly had plenty of people see the game and say ‘oh, it has cards in it? Eh, nevermind, not for me.’ But was it the right fit for this game and our design goals? Yes, absolutely.”
We ended up loving Midnight Suns, awarding it runner-up to the 2022 GOTY. But back when it was announced in 2021, the marriage of deckbuilder and XCOM didn’t go over so well at first blush. Maybe that was because strategy fans have been waiting so long for a full-on XCOM 2 sequel; maybe it wa…