Inox Wind wins order for 51 MW equipment supply, stock trades higher by 12%

Following the announcement, shares of the company were trading higher by 12% at ₹233.93. The stock hit an intraday high of ₹235.80.

Further, Inox Wind will provide post-commissioning multi-year operations & maintenance (O&M) services to the client.

R. Venkatesh, chief executive officer of Everrenew Energy, said that the company’s collaboration with Inox Wind will help the company address the growing power demands in a sustainable manner, deliver their project commitments, and boost the adoption of renewable energy in the C&I segment.

“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,” he said. For the quarter ended June 30, 2024, Inox Wind reported a net profit of ₹50 crore compared to a loss of ₹65 crore in the corresponding period last year. The company’s consolidated revenue jumped 85% year-on-year (YoY) to ₹651 crore. In Q1FY25, the company’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) surged 349% YoY to ₹157 crore.

During the quarter, Inox Wind’s execution grew by 112% YoY to 140 MW while the order book came in higher by 254% YoY at 2.9 gigawatts (GW). The company is expecting to achieve an execution target of 800 MW and 1,200 MW in FY25 and FY26, respectively.

Inox Wind stated that it has received an infusion of ₹900 crore from its promoters resulting in it becoming a net cash company.

Shares of the company have risen by nearly 74% since the beginning of the year. The stock has gained over 350% in the past year.