Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us  
Google
Web www.equitybulls.com
Stock Report

| More

Inox Wind turns PAT positive in Q3 FY2023-24

Posted On: 2024-02-09 23:04:35 (Time Zone: IST)


Inox Wind Limited (IWL), one of India's leading wind energy solutions provider, today announced its financial results for the third quarter of Fiscal Year 2024 (FY24). Continuing its remarkable turnaround journey, Inox Wind turned PAT positive in Q3 FY24, reflecting the successful implementation and outcome of all the recent strategic measures as well as operational improvements.

In Q3 FY24, on consolidated basis, the Company reported revenue of INR 506.9 crore, a 113% increase from INR 237.7 crore posted in Q3 FY23, on the back of strong order execution in the quarter. EBITDA in Q3 FY24 was Rs. 99.5 crore compared to an EBITDA loss of Rs. 172.5 crore in Q3 FY23. Significantly, IWL posted profit after tax of Rs. 1.8 cr in Q3 FY24 vs loss after tax of Rs 287.9 cr in Q3 FY23.

The financial turnaround, along with the key achievements highlighted below, sets us on course for a massive growth journey ahead:

- Secured the single largest wind project order of 1,500 MW from leading power utility

- Orders intake cumulating to ~ 1,850 MW over the past few months, taking the orderbook to ~2.6 GW (excluding LoIs)

- 3 MW turbine enlisted in the RLMM by MNRE

- Signed landmark agreement for the launch of 4.X MW wind turbines in India; secured on the technological front for the next decade

- Raised ~ Rs 800 crores from global institutional investors which was utilized to significantly strengthen the balance sheet

- Massive project size inventory with high value project site development pipeline

Mr. Devansh Jain, Executive Director, INOXGFL Group, expressed, "This is a momentous achievement for Inox Wind. The efforts which we have put over the last few quarters have yielded a remarkable turnaround for Inox Wind in Q3, which is reflected in the current order book and the reported numbers. I firmly believe that we have just embarked on a massive growth journey. With all the levers aligned, which includes the strong promoter backing of the company, a robust balance sheet, large and continuously increasing orderbook, ramped up operations, a high value project development pipeline, along with being technologically ready for the next decade, I believe Inox Wind is fully geared up to capture the large opportunities that the sector beholds.

Commenting on the results, Mr. Kailash Tarachandani, CEO of Inox Wind, said, "I am delighted to announce that our efforts over the past year has delivered a profitable quarter, a massive turnaround after the painful transition in the industry. Q3 FY24 is the stepping stone for us. We have ensured that all the building blocks are in place for us to deliver gigawatt-plus scale annual execution and create value for all our stakeholders."

Shares of Inox Wind Limited was last trading in BSE at Rs. 516.10 as compared to the previous close of Rs. 552.65. The total number of shares traded during the day was 271120 in over 10948 trades.

The stock hit an intraday high of Rs. 559.85 and intraday low of 497.40. The net turnover during the day was Rs. 143352521.00.


Click here to send ur comments or to feedback@equitybulls.com





Other Headlines:

The South Indian Bank Ltd approves 1:4 rights issue at Rs. 22 per share

Club Mahindra partners with The Marmara ?i?li Resort in Turkey to provide its members with holiday options in Istanbul

PVP Ventures Ltd announces a Joint Development with Brigade Enterprises Ltd

Mangal Credit and Fincorp Ltd approves preferential issue

Vikas Lifecare Ltd's Subsidiary PME Entertainment Presents Two Spectacular Events in Dubai

Genpharmasec Limited allots 27,68,59,850 Rights Equity Shares

Dow Jones and Infosys Introduce Upgraded Preference Center for Wall Street Journal Subscribers

Union Bank of India sanctions OTS of Kridhan Infra Ltd

Ceinsys Tech Ltd receives order

Ashiana Housing Ltd launches Phase 1 of Ashiana Nitara

Apollo Micro Systems Ltd receives term loan sanction from SBI

Brigade Group to expand its Residential and Hospitality Portfolios in Chennai

LTIMindtree and Eurolife FFH Sign MoU to Setup Gen Al and Digital Hubs in Europe and India

63 moons unveils disruptive technology in Cybersecurity

Airtel strengthens its retail footprint in Vijaywada

TVS Eurogrip exhibits prominent agri related products at Krishi Darshan Expo in Haryana

Infosys Foundation and the Centre for Cellular and Molecular Platforms to Strengthen Maternity Care in Karnataka

Mafatlal Industries Limited's Annual Report wins Platinum Award

Ambuja Cements Proposes Setting up a 4 MTPA Cement Grinding Unit in Godda, Jharkhand

Airtel adds 39 new stores in Chennai, doubles its retail store presence

PennWhite Limited, UK forms subsidiary in India

UltraTech Cement Limited commissions 1.8 MTPA brownfield cement capacity at Kotputli, Rajasthan

HFCL to Expand Presence in Europe with setting up of Optical Fiber Cable Plant in Poland

Vipul Organics participates in PAINTINDIA, the largest paint exhibition of the country

Ericsson and Airtel successfully demonstrate 5G FWA functionality on mmWave

Co-op Expands Partnership with TCS with a Cloud-First Strategy to Support its Business Growth and Sustainability Roadmap

Popeyes India brings a dash of Louisiana to the heart of Delhi with its first store in Chandni Chowk

Patel Engineering Ltd JV declared L1 for irrigation project worth Rs. 525.36 crores

Cosmo First wins two prestigious awards

Airtel adds 4 new stores, doubles its retail store presence in Bhubaneshwar

Zen Technologies Ltd receives order worth Rs. 93 crores

Lumos selects STL as a partner to build transformative 100% fiber optic internet infrastructure in the US

BluSmart inks multi-year PPA with Tata Power arm

Zaggle Prepaid Ocean Services Ltd enters into agreement with Arcadis Consulting

CarLelo unveils new brand identity at Women Premier League 2024

Airtel doubles its retail store presence in Amritsar, adds 3 new stores

G R Infraprojects Ltd to sell 7 subsidiaries to Bharat Highways InvIT

Bright Outdoor Media Ltd gets BSE nod for preferential issue

Valiant and CXR cooperation for Cyber Security solutions in France and neighboring European countries

Kilburn Engineering Ltd expands portfolio with acquisition of M.E Energy

Seedlings India Pvt Ltd gets patent

Garment Mantra Lifestyle Ltd to set up new wholesale hub in Surat

Satin Creditcare forays into Telangana and Andhra Pradesh

Revolt Motors accelerates presence with 15 New Dealerships Across India

Wipro and Intel Foundry announce new collaboration to Advance Chip Design and Development

Godrej Industries Limited - Chemicals features in The CDP Climate Change Leadership Index

ESAF Small Finance Bank gets ISO certification for operations

ABB India reports net profit of Rs. 338.66 crores in Q4 CY2023

IMplus Capitals Ltd consolidated Q3 FY24 net profit at Rs. 41.86 crores

GR Tarakote Sanjichhat Ropeway Pvt Ltd signs concession agreement with Shri Mata Vaishno Devi Shrine Board


Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2020