LIC-backed multibagger stock under Rs 50: This wind energy stock bags 551.25 MW order for wind power project; stock gains over 300 per cent!

Shares of the company have gained more than 10 per cent in the last six months.

Suzlon, a leading renewable energy company in India, has secured a significant 551.25 MW wind power project order from the Aditya Birla Group. This project will utilize 175 wind turbines, each with a capacity of 3.15 MW, across locations in Rajasthan and Gujarat. Suzlon will handle various aspects of the project, including supplying turbines, erection, commissioning, and supervision. Notably, this win involves Suzlon's larger capacity turbines from their 3 MW series. The generated power will be used by the Aditya Birla Group's own companies.

Recently, the company secured new wind energy projects totalling 402 MW from Juniper Green Energy. These projects will be located at a site in Rajasthan and utilize 134 of Suzlon's 3 MW wind turbines. The generated power will be used for various purposes under different agreements.

In Q4FY24, the company witnessed a 28.95 per cent increase in consolidated revenue compared to the previous year, with growing operating profit while net profits declined. This financial strength positions Suzlon for continued growth and leadership in the renewable energy sector.

The Suzlon Group is one of the leading renewable energy solutions providers in the world with 20.3 GW of wind energy capacity installed across 17 countries. Headquartered at Suzlon One Earth in Pune, India, the Group comprises Suzlon Energy Limited and its subsidiaries. The stock has also delivered multibagger returns of over 300 per cent in the last one year. LIC ( via LICI Health Plus Non Unit Fund) owns a 1.03 per cent stake in the company.

The stock has shown impressive growth, and investors should keep a close eye on this stock.

Disclaimer: The article is for informational purposes only and not investment advice.