Indian wind turbine manufacturer Suzlon saw a reverse in its share price – among the recent star performers of the Mumbai market – after reporting latest financial results.

Suzlon shares fell 5% at the end of the day after the group reported a 96% fall in net profits for Q1 of its 2024 financial year, posting a result of 1bn rupees ($122m).

The plunge was apparently down to exceptional items recorded in the year-earlier same quarter.

Suzlon – India’s best known wind OEM and at one time one of the largest in the world – has seen its shares soar this year on expectations that it is well placed to benefit from massive renewable energy growth planned by the Indian government.

Even after today’s reverse its stock was almost 109% up over the last six months.

Suzlon CEO JP Chalasani claimed it was on course to deliver “stable and steady growth in line with our business plan.

“With the fruition of our initiatives to strengthen the balance sheet and reduce debt our focus is now on ramping up our operations to service our cumulative orders which stand at a healthy 1,582MW as on date.

“The serial production of our larger turbines in the 3MW to 3.15MW series with a rotor diameter of 144 metres is one of our top priorities going forward in line with customer expectations.”