The shares of India’s leading wind energy solutions provider gained 11 percent to hit a 52-week high price of Rs 238.80 apiece after successfully commissioning phase -I of the 50 MW Renewable Energy project of NTPC.
At 11:30 a.m., Inox Wind Ltd was quoting at Rs 236.90, up Rs 22.05, or 10.27 percent, on the National Stock Exchange.
According to the exchange filing, Inox Wind Ltd has commissioned the first part capacity of 50 MW out of the 150 MW Dayapar Wind Energy Project of NTPC Renewable Energy Ltd (NTPC REL), Phase-I at Dayapar, Bhuj, Gujarat.
As part of the order, Inox Wind has supplied and installed 25 nos, 2.0 MW capacity Wind Turbine Generators (WTGs). Further, Inox Wind, through its subsidiary Inox Green Energy Services Ltd., will provide comprehensive operation and maintenance (O & M) services for 25 years.
Once NTPC REL’s Dayapar Wind complex is fully commissioned, it will add 450 MW to NTPC’s existing wind portfolio of 100 MW.
NTPC is a key customer for whom Inox Wind is setting up 500 MW of wind capacity and currently has a pipeline of 20 GW+ of renewable energy capacity with a target to reach 60 GW by 2032.
Inox Wind Ltd shares have gained 99 percent in the last six months and 57 percent in a year.
The company’s revenue has increased by 245 percent yearly, rising from Rs 107 crore in Q2FY23 to Rs 370 crore in Q2FY24. Further, within the same period, Net losses have reduced from Rs 133 crore to Rs 26 crore.
According to the recent shareholding pattern, the company promoters hold a 64.64 percent stake in the company, while Foreign Institutional Investors hold a 3.48 percent stake. And retail investors have a 25.32 percent stake in the company.
Inox Wind Ltd is engaged in the business of manufacturing Wind Turbine Generators (WTGs) and is a wind energy solutions provider servicing IPPs.
Written by Omkar Chitnis
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