Shares of Inox Wind, the wind energy arm of the INOX Group, surged 13.66% to reach a fresh 52-week high of ₹237 apiece on Tuesday after it secured a wind power project in Tamil Nadu. The company has bagged a 51 MW equipment supply contract from Everrenew for its 3 MW class Wind Turbine Generators (WTGs) in Tamil Nadu.
At the time of reporting, shares of Inox Wind were trading at ₹221.70, up 6.33% from the previous close of ₹208.50. The stock opened higher at ₹217.05 today. The wind energy arm of the INOX Group boasts a market capitalisation of ₹28,905.11 crore. The wind energy company’s stock has jumped 30.34% over the past month, surged 72.20% in the past six months, and risen 69.01% year-to-date (YTD).
Inox Wind also informed exchanges that it will offer multi-year operations and maintenance (O&M) services following the commissioning of the project.
"We are pleased to receive a 51MW order from Everrenew, an esteemed customer with whom we aim to build a mutually fruitful partnership going ahead. We are glad to witness the strong preference for our turbines and services by project developers and we continue to make our contribution as India surges ahead to achieve its renewable capacity targets," says Kailash Tarachandani, CEO of Inox Wind.
Venkatesh, CEO, Everrenew Energy Private Ltd., says, “Our collaboration with Inox Wind will help us deliver on our project commitments as we aim to drive the adoption of renewable energy in the C&I segment and assist companies in their energy transition journey over the coming years."
Recently, the company secured an order for 201 MW of equipment from Integrum Energy. This order involves the supply of the latest 3 MW Wind Turbine Generators (WTGs). Inox Wind will also deliver post-commissioning operations and maintenance services for this project, the company states. The project will be executed across four states: Madhya Pradesh, Rajasthan, Karnataka, and Maharashtra, it adds.
For the April-June quarter, Inox Wind reported an 83% increase in revenue, reaching ₹638.8 crore compared to ₹527.7 crore in the same quarter last year. The company also posted a profit after tax (PAT) of ₹50 crore, a significant turnaround from the net loss of ₹65 crore in the previous year.
In earnings call post Q1 FY25, Tarachandani said that with the company's established manufacturing capacities and supply chain, it is well-positioned for a scale-up in operations, supported by a large and diversified order book exceeding 2.9 GW.
He also mentioned that the company has started FY25 on a strong note, having already secured 611 MW of orders, including repeat business from marquee customers. Additionally, the infusion of ₹900 crores by IWEL, Inox Wind's parent company, has made the company net cash positive, which is expected to reduce interest payments and further enhance profitability.
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