Renewable Energy company Suzlon Group’s net profit almost tripled to Rs 302 crore in the April-June quarter of the current financial year. The company said in a statement on Monday that this increase in its profit is due to higher income. Its net profit was Rs 101 crore in the same quarter of the last financial year. The company’s income also increased to Rs 2,016 crore in the June quarter, which was Rs 1,348 crore in the same quarter of the last financial year. Suzlon Group Vice Chairman Girish Tanti said, “Our largest ever ‘order book’ of 3.8 gigawatt capacity gives us a very good prospect for the future.” The company had a net cash of Rs 1,197 crore as of June 30. The world’s leading renewable energy provider has an installed capacity of 20.8 gigawatt wind power in 17 countries.
The stock closed with a gain
On Monday, Suzlon’s stock closed with a gain. The company’s stock closed at Rs 55.07 on the Bombay Stock Exchange with a gain of 0.97 percent or Rs 0.53. The 52 week high of this stock is Rs 56.45. Whereas, the 52 week low is Rs 17.43. The company’s market cap closed at Rs 75,032.24 crore on the BSE.
The target is 500 gigawatts
The Economic Survey presented on Monday before the budget said that an investment of Rs 30.5 lakh crore will be needed to achieve the target of 500 gigawatt renewable energy by the year 2030 in India. To achieve this, it is necessary to resolve the issues of raising finance as well as investment on competitive terms and land acquisition. The Economic Survey said that an investment of about Rs 30.5 lakh crore is expected in the renewable energy (RE) sector in India between 2024 and 2030.
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