The shares of the leading wind energy solutions provider gained 2.2 percent to ₹554.70 per share after securing an order to supply 210 MW of its 3 MW Wind Turbine Generators.
At 12:14 p.m, Inox Wind Ltd shares were trading at ₹543 per share, up 0.14 percent on the National Stock Exchange. The company has a market capitalization of ₹17,737 crores.
In accordance with the company’s filing, Inox Wind Limited (IWL) secured an order to supply 210 MW of its 3 MW Wind Turbine Generators (WTGs) to Hero Future Energies (HFE), a prominent renewable energy company in India.
The contract encompasses equipment supply along with additional services. Moreover, Inox Wind will offer multi-year operations and maintenance (O&M) services post-commissioning. Deliveries to HFE are scheduled to commence from Q3 FY25, with installations planned in South India.
The company has witnessed substantial revenue growth, surging by 122% annually, from ₹226 crore in Q3FY23 to ₹503 crore in Q3FY24. Concurrently, the net losses have turned around from ₹287 crore to a profit of ₹1.81 crore during the same period.
Inox wind shares have delivered a multibagger return of 153 percent in the last six months and 453 percent in a year. A shareholder investment of ₹ 1 lakh in the company would be worth ₹4.53 lakhs in a year.
Inox Wind Ltd is a leading manufacturer of Wind Turbine Generators (WTGs) and provides wind energy solutions to Independent Power Producers (IPPs).
During Q3 FY24, the company has raised approximately ₹ 800 crores from global institutional investors. The funds were used to significantly bolster the company’s balance sheet. Additionally, the company entered into a landmark agreement to launch 4.X MW wind turbines in India, securing its technological position for the next decade.
In the same quarter, the company secured orders totaling 2,575 MW from esteemed customers such as NTPC, CESC, SECI, NLC India, among others. This achievement has expanded the company’s Operations & Maintenance (O&M) portfolio to over 3.2 GW.
As of March 2024, the shareholding pattern reveals that the company’s promoter holds a 52.87% stake. Foreign institutional investors and domestic institutional investors hold 9.46% and 10.27% stakes, respectively, in the company.
Written by Omkar Chitnis
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