Inox Wind Ltd Share Price – NSE  / BSE

Capital Goods - Electrical Equipment, Small Cap

Inox Wind (IWL) has bagged an order for 87 MW from Continuum Green Energy (Continuum), a leading renewables C&I player. This repeat order from Continuum is for IWL's 3 MW Wind Turbine Generators (WTGs) and will be executed on an end-to-end turnkey basis.

Additionally, IWL will provide post commissioning multi-year operations & maintenance (O&M) services. The project will be executed in the states of Gujarat and Rajasthan.

The addition of this order takes the total cumulative orders from Continuum to ~ 700 MW, and IWL's orderbook to >3.4 GW, the highest ever in its history.

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Revenue from operations surged 97.56% year on year to Rs 732.24 crore in the quarter ended 30 September 2024.

Total income from operations stood at Rs 741.74 crore in Q2 FY25, registering a growth of 92.96% as against Rs 384.4 crore recorded in the corresponding quarter previous year.

The company reported profit before tax of Rs 93.81 crore in Q2 FY25 as compared to a loss before tax of Rs 28.17 crore recorded in Q2 FY24.

Consolidated EBITDA was at Rs 189 crore in Q2 FY25, zoomed 171% as compared with Rs 70 crore reported in the same period a year ago.

IWL delivered another quarter of strong results in Q2FY25 and is on course to achieve its best ever full year profitability in FY25. The company’s order book at 3.3 GW has increased by 161% YoY and comprises of a healthy mix of PSU, IPP, C&I and retail customers. In H1 FY25, IWL secured orders totalling 1.2 GW across multiple customers and is negotiating for multiple additional orders as it targets 2 GW of execution in FY27.

Devansh Jain, Executive Director, INOXGFL Group, said on the occasion, “The strong Q2 performance is another firm indication of the massive growth trajectory that Inox Wind is poised to deliver. I am especially pleased that on the back of the tremendous efforts put by our team over the past two years, our balance sheet has now become net cash and we have delivered positive operational cash flows in H1 FY25, which is bound to significantly increase going ahead. I am thankful to all our stakeholders for their support and am confident of significant value creation going ahead as we strive to deliver beyond expectations.”

Kailash Tarachandani, CEO of Inox Wind, said, “I am glad that despite the seasonal challenges, we have been able to deliver robust numbers in Q2. I am very excited by the prospects of H2, as we surge ahead to deliver on our commitments. We are also focusing on several means to increase our profits in the years ahead with the launch of larger blades, commercialisation of new products and backward integration. While we have added 1.2 GW of fresh orders in the first half of FY25 to take our orderbook to 3.3 GW, which is the highest ever in Inox Wind’s history, given the multiple ongoing negotiations with new and existing customers, we are confident of adding more in the coming months.”

Inox Wind (IWL) is India’s leading wind energy solutions provider servicing IPPs, Utilities, PSUs & Corporate investors. IWL is a part of the US$ ~ 12 BN INOXGFL Group which has a legacy of over nine decades and is primarily focused on two business verticals - chemicals and renewable energy. IWL is a fully integrated player in the wind energy market with four state-of-the-art manufacturing plants in Gujarat, Himachal Pradesh and Madhya Pradesh, where Blades, Tubular Towers, as well as Hubs & Nacelles are manufactured. With its state-of-the-art 3 MW series WTG offering, IWL’s manufacturing capacity stands at 2.5 GW per annum.

Shares of Inox Wind slipped 2.94% to end at Rs 203 on the BSE.

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Net profit of Inox Wind reported to Rs 92.89 crore in the quarter ended September 2024 as against net loss of Rs 24.12 crore during the previous quarter ended September 2023. Sales rose 97.56% to Rs 732.24 crore in the quarter ended September 2024 as against Rs 370.64 crore during the previous quarter ended September 2023.

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Inox Wind will hold a meeting of the Board of Directors of the Company on 25 October 2024.

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