Inox Wind shares zoom 8% on Q3 earnings; check details

Shares of Inox Wind Ltd (IWL) on Saturday zoomed as much as 8% after the firm reported a multifold rise in its consolidated profit on Friday.

At 10:10 am, the company was trading at ₹182.55, surging 8.43% on BSE.

Inox Wind reported a rise in consolidated profit after tax (PAT) to ₹239 crore, backed by higher revenues on January 31.

It had posted a ₹33 crore PAT in the year-ago quarter, the company said in a statement.

The company's consolidated revenues rose 96% to ₹994 crore from ₹507 crore in the October-December period of 2023-24.

IWL's order book stood at 3,286 MW at the end of the third quarter of the ongoing fiscal year, 28% higher from 2,575 MW in the year-ago period.

"Q3 results firmly establish the enormous growth trajectory the company is on. We continue to capitalise on the large growth opportunities in the Indian market and supplemented by our new ventures, our offerings now encompass the entire renewables ecosystem, opening up additional areas of businesses for Inox Wind and its subsidiaries," said Devansh Jain, Group Executive Director of INOXGFL.

Part of the $12-billion INOXGFL Group, IWL is India's leading wind energy solutions provider servicing IPPs, utilities, public sector units, and corporate investors.

Commenting on the results, Kailash Tarachandani, CEO of Inox Wind, said: “We have been able to deliver another quarter of strong results in Q3 and are confident of delivering significantly higher execution from Q4 FY25 onwards. India continues to award large renewable capacities, particularly in the hybrid / RTC / FDRE space, which bodes well for the demand for the wind sector. We continue to be fully geared up to take advantage of this massive impending opportunity in the Indian renewable space over the next decade.”