Shares of this midcap company surged around 7 percent in Thursday’s trading session after the board announced a 3:1 bonus share. The shares have delivered a multibagger return of 502 percent to its shareholders in one year.
With a market capitalization of Rs. 20,665 crores, the shares of Inox Wind Ltd started Thursday’s trading session on a higher note at Rs. 604.70 compared to its previous close of Rs. 602.90. During the trading session, the shares hit a high of Rs. 658.40, gaining around 7 percent, also recorded as the company’s fresh 52 weeks high and are currently trading at Rs. 634 apiece.
Such a bullish movement in the share price was observed after the company in an exchange filing announced that the Board of Directors at its meeting held on 25th April 2024 proposed the issuance of bonus shares in the ratio 3:1, signifying that for each existing equity share, three bonus equity shares will be issued from the accumulated reserves of the company and the record date for the same is yet to be decided by the company.
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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