Inox Wind share price gains more than 11% scaling 52-week high on 50MW project

Inox Wind has supplied and installed the Wind Turbine Generators (WTGs) with 113-meter rotor diameter and 92m hub height, Further Inox Wind’s subsidiary Inox Green Energy Services Ltd, will provide comprehensive O&M (operations and maintenance) services for the lifetime of the project (25 years). It is the first project of NTPC REL and the first capacity in India declared commercial under new Indian Electricity Grid Code (IEGC) and General Network Access (GNA) Regime, said Inox Wind in its filings to the exchange.

Inox Wind share price has gained more than 80% during last one year as Inox Wind continues its financial turnaround trajectory.

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The company had reported cash profit in the recently concluded Q2 following its break-even performance at the Ebitda level during Q1 of the current fiscal year. Kailash Tarachandani, Chief Executive Officer in the investors call post Q2 results had said that Inox Wind’s Q2 outstanding performance is noteworthy, especially considering that the second quarter is typically subdued within the industry due to the countrywide impact on the monsoon season.

For the quarter on a consolidated basis, Inox Wind reported revenue of Rs. 384.4 crores in Q2FY24 versus Rs. 111.9 crores during Q2FY23, an increase of 250% year over year. Earnings befoe Interest Tax Depreciation and amortization (Ebitda) stood at Rs. 69.7 crores during Q2FY24 versus Ebitda loss of Rs. 18.7 crores in Q2 FY23. Company had reported cash profit of Rs. 4.7 crores during Q2FY24 versus loss of Rs. 111.6 crores during Q2 FY23. For the half year ended 30th September on a consolidated basis, Inox Wind reported revenue of Rs. 729.4 crores in H1 FY24 versus Rs. 323.2 crores in H1 FY23. EBITDA of Rs. 104.6 crores in H1 FY24 versus EBITDA loss of Rs. 44.4 crores in H1 FY23.

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Tarachandani had said that “I believe that the major increment in earnings will be reflected in the second half of the current financial year. We will have the supplies of our 3.3 mega watt turbines and complete the action on the strategic front to achieve a net debt free status”

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Updated: 06 Nov 2023, 02:42 PM IST