Inox Green Energy Services Ltd Share Price – NSE /  BSE

Miscellaneous, Small Cap

Net profit of Inox Green Energy Services rose 10.75% to Rs 6.39 crore in the quarter ended September 2024 as against Rs 5.77 crore during the previous quarter ended September 2023. Sales rose 16.44% to Rs 55.18 crore in the quarter ended September 2024 as against Rs 47.39 crore during the previous quarter ended September 2023.

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Inox Green Energy Services will hold a meeting of the Board of Directors of the Company on 25 October 2024.

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INOXGFL Group announced today that its privately held renewable power generation platform, IGREL Renewables, has raised Rs 300 crore equity capital, eventually resulting into a single digit dilution. The capital raise witnessed participation by marquee investors, including Akash Bhansali, Rohit Kothari, and Madhusudan Kela, through their respective entities.

IGREL Renewables, backed by the INOXGFL Group which has an unparalleled experience of building large businesses, aims to become one of India's premier renewable power generation platforms. The company targets to reach an installed capacity of 2 GW by FY27 (combination of wind and solar) at a cumulative capex of ~ Rs 12,000 crores. IGREL has already placed firm orders for 200 MW and has signed additional 550 MW LoI with Inox Wind today for wind capacities to be executed on turnkey basis. Further, for its solar capacity development, IGREL has given multiple LoIs to leading solar EPC companies with plans to place additional orders in the near future. The company has already tied up PPAs/received LoIs from Group companies and other large C&I customers for >600 MW capacity. The company is in advance discussion with several C&I customers for additional PPAs and has earmarked certain capacities to be sold on the power exchanges.

The IPP platform aims to add substantial value to the all the Group companies. While the Group companies will secure their long-term power requirement from renewable sources, helping offset their carbon emissions, its renewable companies including Inox Wind, Resco Global and Inox Green gain on account of large scale business opportunities.

Inox Wind's turnkey project execution capabilities on plug-and-play basis is a significant advantage for IGREL, as it has multiple ready sites, developed evacuation infrastructure, and approvals in place/under-process for project installation, which helps expedite project commissioning. Further, its existing power evacuation infrastructure (currently being utilized for wind projects) is available for hybridization, accelerating commissioning of IGREL's solar projects. Additionally, Inox Green will provide multi-year O&M services for the entire capacity of IGREL, leading to a significant growth of its portfolio.

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Inox Green Energy Services announced that the Annual General Meeting (AGM) of the company will be held on 27 September 2024.

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