Inox Wind spurts on reporting turnaround PAT of Rs 47 cr in Q1

Revenue from operations surged 83.18% year on year to Rs 638.81 crore in the quarter ended 30 June 2024.

Total income from operations stood at Rs 650.52 crore in Q1 FY25, registering a growth of 84.66% as against Rs 352.28 crore recorded in the corresponding quarter previous year.

The company reported profit before tax of Rs 48.01 crore in Q1 FY25 as compared to a loss before tax of Rs 63.49 crore recorded in Q1 FY24.

Consolidated EBITDA was at Rs 157 crore in Q1 FY25, steeply higher than Rs 35 crore reported in the same period a year ago.

Inox Wind’s robust growth outlook is reflected in the company’s large order book which stood at > 2.9 GW with a healthy mix of PSUs, IPPs, C&I and retail customers. In the first few months of FY25, Inox Wind has secured orders totalling 611 MW across customers.

Devansh Jain, executive director, INOXGFL Group, said on the occasion, “IWL’s parent, IWEL has infused Rs 900 crores recently, making the company net cash positive and strengthening the balance sheet to capitalize on the multi-decadal opportunity in the Indian wind sector. We have always been bullish on the wind sector in India albeit the hiccups that we faced in the interim. I am thankful to all our stakeholders for their support thus far and am confident of significant value creation for all going ahead.”

Commenting on the results, Kailash Tarachandani, CEO of Inox Wind, said, “We have commenced FY25 on a very strong note. With our manufacturing capacities and supply chain already in place, and backed by our large diversified order book of > 2.9 GW, we are looking at a massive scale up in operations. We are receiving a very strong response from customers for our products. We have already won 611 MW of orders in FY25, including repeat orders from marquee customers.

Active discussions across multiple IPPs, PSUs, and C&I customers provides us a large order inflow visibility. Infusion of Rs 900 crores by IWEL, the parent of IWL, has resulted in the company becoming net cash positive, which will reduce our interest payments substantially and shall provide further boost to our profitability. With strong sectoral tailwinds and our current positioning, we are very confident of capitalizing on the massive opportunity that the wind sector in India beholds.”

Inox Wind is a wind energy solutions provider in India, catering to IPPs, Utilities, PSUs, and Corporate investors. It is part of the INOXGFL Group, with a focus on chemicals and renewable energy. IWL is fully integrated in the wind energy market, with four manufacturing plants and a capacity of over 2 GW per annum.