Suzlon Energy is scheduled to post its earnings for the quarter ended in June later today.
What Happened: The wind energy major posted its shareholding data with the exchanges on Friday afternoon. As per the data, foreign institutional investors raised their stake in the company during the April-June period.
Foreign portfolio investors held a 21.53% stake in Suzlon at the end of June. This is an increase from the 19.57% stake they held at the end of March.
Mutual Funds also raised their stake during the quarter. As of June 30, mutual funds held a 3.82% stake in the energy company, compared to the 1.86% stake they owned at the end of March.
See Also: Why This Tata Group Company Shares Rising Despite Soft Q1 Performance
Talking about the company’s results later today, brokerage firm JM Financial projects Suzlon’s net profit for the quarter to be ₹162.2 crore, reflecting a 61% year-on-year (YoY) increase but a 36% quarter-on-quarter (QoQ) decrease. The company’s sales are estimated at ₹1,832.1 crore, up 36% year on year but down 17% sequentially.
Nuvama, on the other hand, projects Suzlon’s revenue at ₹2,135.1 crore, a 58% year-on-year jump, while sequentially, it might fall by 3%. Net profit is expected to come in at ₹277.8 crore, according to the research firm.
Price Action: Suzlon’s share price was down 0.97% to trade at ₹54.02 in early trade on Monday.
Read Next: Wipro Shares Plummet 8% As Q1 Result Disappoints: Here’s What Brokerages Want You To Do
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
Don’t miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
