Shares of this midcap company surged 6 percent in Tuesday’s trading session after the board plans to consider Bonus Equity Shares. The shares have delivered a multibagger return of 488 percent to its shareholders in one year.
With a market capitalization of Rs. 20,481 crores, the shares of Inox Wind Ltd started Tuesday’s trading session on a higher note at Rs. 630 compared to its previous close of Rs.592.45. During the trading session, the shares hit a high of Rs. 645.90, gaining around 6 percent and are currently trading at Rs. 623 apiece.
Such a bullish movement in the share price was observed after the company in an exchange filing announced that the meeting of the Board of Directors is scheduled to be held on Thursday, 25th April 2024, inter-alia, to consider and approve the proposal for issuance of Bonus Equity Shares to the shareholders.
Looking at the company’s financial statements, the revenue zoomed by 38 percent from Rs. 370.64 crores during the September quarter to Rs. 503.45 crores in the December quarter. In addition, the net profits showcased a transition from a net loss of Rs. 26.84 crores to a net profit of Rs. 1.81 crores during the same timeframe.
Earlier, the company had bagged an order to supply 210 MW of Wind Turbine Generators (WTGs) from Hero Future Energies (HFE). The order is for IWL’s state-of-the-art 3 MW Wind Turbine Generators (WTGs), and the scope comprises equipment supply with certain add-on services.
After securing the single largest wind project order of 1,500 MW, Inox Wind’s order book now stands at approximately 2.6 GW.
Furthermore, Inox Wind is strategically positioning itself for future growth by exploring new technologies with a 4-megawatt series turbine and diversifying its order book with a mix of turnkey and equipment supply orders to enhance operational flexibility and revenue visibility.
Additionally, the company is also focusing on scaling its operations to accommodate 2 gigawatts of annual execution and aims to achieve more than 1 gigawatt of annual execution well ahead of market expectations.
Headquartered in Noida, Inox Wind was incorporated in 2009. The company is engaged in the business of manufacturing Wind Turbine Generators (WTGs) and is a wind energy solutions provider servicing IPPs, Utilities, PSUs, Corporations and Retail Investors.
Written By Vaibhav Patil
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