INOX India jumps 7% on securing orders from Highview Power UK for supply of cryogenic engines

INOX India has secured a significant contract from Highview Power, UK, for their upcoming Liquid Air Energy Storage (LAES) facility at Carrington, Manchester, UK. Under the contract, INOX India will supply 5 Vertical 690kl, high-pressure EN Design Vacuum Insulated Cryogenic Tanks for the project.

This contract marks INOX India’s entry into the cutting-edge field of liquid air energy storage and represents the company's first order for a liquid air energy storage project. Notably, these will be the largest shop-fabricated vacuum-insulated Industrial Gas tanks ever made by the company.

This contract strengthens INOX India’s position in the global cryogenic equipment market and opens new avenues in the rapidly growing energy storage sector. The Company looks forward to supporting Highview Power in enhancing the UK's energy storage capabilities and contributing to the country's clean energy infrastructure. INOX India's contribution to this project aligns with its global efforts to transition to more sustainable energy-balancing systems.

The company is expected to announce its Q2FY25 results later today. In the previous quarter, the company reported a nearly 5% drop in revenue at ₹302 crore compared to ₹317 crore. The operating profit for the quarter also declined by 5.5% YoY to ₹76 crore, and the net profit saw an 11.2% drop in Q1FY25.

INOX India is the largest supplier of cryogenic equipment in India. It has many years of experience offering solutions for the design, engineering, manufacturing, and installation of equipment and systems for cryogenic conditions.

On a YTD basis, the shares of INOX India have given strong returns of 36% from January 01. While on a yearly basis the returns fared well with 27%.Shares of INOX India traded 6.23% higher a ₹1202 apiece on the NSE at 12:50 pm.