Shares of this multibagger green energy stock under the ‘mid-cap’ category jumped up to 5 percent in Monday’s trading session after the company announced financial results for Q4FY24, i.e., for the financial quarter ended March 2024. In the last month, the company’s stock has gained nearly 10 percent for its stakeholders.
With a market capitalization of Rs 19,734.55 crores, the stocks of Inox Wind Limited started their trading session on Monday at Rs 641.45 and currently trades at Rs 605.45. The company’s scrip witnessed an intra-day high price of Rs 645.90, gaining around 5 percent compared to the previous closing level of Rs 614.90 apiece.
Such sharp movements in the share price were witnessed after the company, through a regulatory filing with the Bombay Stock Exchange (BSE), announced the financial results for Q4FY24, viz, for the financial quarter ended March 2024.
On a sequential basis, the company’s basic business parameters, viz, its operating revenues as well as after-tax profits (continuing operations), reported a decent jump in numbers with the former increasing from Rs 507 crores during Q3FY24 to Rs 563 crores during Q4FY24, and the latter, shifting up drastically from Rs 4 crores to Rs 38 crores indicating an increase of around 850 percent.
Comparing Q4FY23 v/s Q4FY24, the metrics mentioned above showed a stellar performance with the operating revenues jumping from Rs 194 crores to Rs 563 crores, and the net profits, keeping the timeframe the same, transitioning from losses of Rs 116 crores to profits of Rs 38 crores.
In addition, the company’s Board of Directors also recommended the issuance of Bonus Equity shares in the ratio of ‘3:1’, viz, three new bonus equity shares of Rs 10 each for every equity share of Rs 10 each held. The Board also fixed the ‘Record Date’ for the Bonus issue as Saturday, 18th May 2024.
Keeping a purview of the last six months, the company’s stock has proven to deliver multibagger returns of approximately 154 percent to its stakeholders, ie., if someone had invested Rs 1 lakh into the company’s stock six months ago, it would have converted to Rs 2.54 lakhs.
According to the latest presentations, the company’s outstanding order book currently stands at around 2.70 gigawatts (GW) with nearly 65 percent of the order book contributed by the turnkey projects and the remaining from the equipment supplies.
Inox Wind Limited is engaged in the business of offering wind energy solutions to the Renewable Energy (RE) industry. The company manufactures wind turbine generators and their components. Its offerings include the erection, commissioning, and maintenance of its products and the development of its wind farm.
Written by Amit Madnani
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