Suzlon Energy shares fall over 3% but Motilal sees a rally till Rs 80. Should you buy?
fell over 3% to Rs 61 on BSE after the company posted a 7% year-on-year (YoY) rise in
consolidated net profit
to Rs 324 crore for the June quarter. The figure came in below Street estimates, primarily due to a deferred tax charge of Rs 134 crore recorded during the period.
"Interest cost shot up ~132% YoY due to a one-time fee (~Rs 140 million), leading to PBT growth of 52% YoY (estimate: 60%). However, the unwinding of the Rs 6.4 billion DTA created in Q4FY25 led to a Rs 1.3 billion (non-cash) charge, restricting PAT growth to ~7%," Nuvama analysts said.
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The brokerage has trimmed its FY26/FY27 EPS estimates by 4%/1%, factoring in softer realisations as the
EPC mix
remains low. It has retained its 'hold' rating but cut the
target price
to Rs 67 from Rs 68.
"OI was ~780 MW, leading to an order book of ~5.4 GW (381 MW OI in Q2; execution over ~24 months), lending revenue visibility. We reckon SUEL will remain a key beneficiary of the rising mix of FDRE/RTC/Hybrid in GoI tenders. It also remains a key player in C&I (54% of OB) and the PSU segment (21% of OB), benefiting from a duopolistic market in EPC+WTG capabilities with an overall market share of 30%-plus," Nuvama said.
Motilal Oswal
analysts, on the other hand, said the results were overall good and in line with expectations.
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"We cut our FY26 adjusted PAT estimate by 25% as we build in an effective tax rate of 25% (deferred tax and non-cash). We also marginally raise our FY27 tax rate assumption to 12%. We arrive at our target price of Rs 80 by applying a target P/E of 35x to FY27E EPS, a slight premium to its historical average two-year forward P/E of 27x, given that Suzlon's execution and earnings are only now beginning to pick up," the brokerage said.
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