India’s leading wind power operations and maintenance (“O&M”) service provider gained 4 percent to Rs 69.90 apiece after it received an order from a Navratna PSU of Govt of India.
At 1:12 p.m., INOX Green Energy Services Ltd shares were trading at Rs 69.30 a share on the National Stock Exchange, up 3.59 percent, with a market capitalization of Rs 2,005 crores.
According to an exchange filing, Inox Green Energy Services Ltd subsidiary Windtechnik India Private Limited has received an order from NLC India Ltd, a Navratna PSU of the Government of India, for the operation and maintenance of 51 MW wind turbine generators in the state of Tamil Nadu. The contract includes full O&M, including a power evacuation system, for a 5-year period with a revenue realisation of INR 40 crores.
The stock has delivered a 56 percent return over the past six months and a 17 percent return over the past year.
The company’s revenue for the June quarter declined by 19 percent to Rs 49 crore from Rs 61 crore in the same prior year’s quarter (Q1FY23). During the same year, the company’s net profit increased to Rs 3 crore from a loss of Rs 7 crore.
As per the current shareholding pattern, the promoters own 56.04 percent of the company, while domestic institutional investors hold 4.09 percent and foreign institutional investors hold 8.42 percent.
Inox Green Energy Services Limited is engaged in wind power operation and maintenance (“O&M”) services in India and the company is a subsidiary of Inox Wind Limited.
Written by Omkar Chitnis
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