The shares of a leading wind energy solutions provider gained 3.5 percent to Rs 512.20 per share after the company received an order to set up a 50 MW wind power project.
At 12:06 p.m, Inox Wind Ltd shares were trading at Rs 504 per share, up 1.84 percent on the National Stock Exchange. The company has a market capitalization of Rs 16,445 crores
Inox Wind Limited received a Letter of Intent (LoI) for executing a 50 MW ISTS-connected wind power project on a turnkey basis from NLC India Limited. The project will be executed at the mega Dayapar site in the Kutch district of Gujarat.
As part of the project, Inox Wind will supply, install, and commission its DF 113/92 – 2.0 MW capacity Wind Turbine Generators (WTGs), and provide comprehensive operations & maintenance (O&M) services for over 10 years post-commissioning. The company said in its exchange filing.
Inox wind shares have delivered a multibagger return of 155 percent in the last six months and 384 percent in a year. A shareholder investment of Rs 1 lakh in the company would be worth Rs 4.84 lakhs in a year.
Inox Wind Ltd is engaged in the business of manufacturing Wind Turbine Generators (WTGs) and is a wind energy solutions provider servicing IPPs.
The company’s wind turbine generator order book stood at 1,276MW at the end of Q2 FY24. The company has the capacity to manufacture 1,900MW of nacelle and hubs, 1,600MW of blades, and 600MW of towers for 2MW of wind turbine generators.
The company’s revenue has increased by 245 percent yearly, rising from Rs 107 crore in Q2FY23 to Rs 371 crore in Q2FY24. Further, within the same period, Net losses were reduced from Rs 134 crore to Rs 27 crore.
The Company plans to add around 1,000MW annually over FY 24-26, totaling 3000MWs, through a mix of organic and inorganic growth.
Written by Omkar Chitnis
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