Inox Wind Rises: Q4 Revenue Soars 177% with Landmark Order Victory

In Q4, Inox Wind hits 177% revenue growth, lands largest order ever.

Inox Wind Rises: The wind energy solutions provider Inox Wind Ltd on Friday (May 3) reported a consolidated net profit of $36.7 crore for the fourth quarter that ended March 31, 2024.

Inox Wind reported a 119 crore net loss for the corresponding quarter.

Kailash Tarachandani, CEO of Inox Wind, said, "The Q4 has been a milestone quarter for the company as we successfully transitioned to 3 MW WTG (wind turbine generators) supplies from 2 MW WTGs. Our debt levels have also come down drastically and we expect to be net debt free within H1 FY25.”

Compared to the preceding fiscal year, the company's revenue from operations increased by 176.69% to $527.7 crore.

Expenses for the period under review were 512.50 crore compared with 312.43 crore a year earlier.

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With 2.7 GW of orders, Inox Wind has a healthy mix of PSUs, IPPs, C&I and retail customers. The company recently secured a 210 MW order from Hero Future Energies.

During the quarter, the company secured the single largest wind project order from a leading power utility of 1,500 MW, resulting in a healthy order book of 2.7 GW (excluding letters of intent) with a potential revenue of 18,000 crores.

As of March 31, 2024, Inox Green Energy Services Ltd reported a net profit of $20.6 crore.

An Inox Green Energy Services regulatory filing stated the company had a net loss of INR1.8 crore for the corresponding quarter.

Compared to the previous fiscal year, the company's revenue from operations decreased 7.7% to $52.4 crore.

Shares of Inox Wind Ltd ended at 614.90, down by 12.30, or 1.96%, after the market closed.

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