Inox Wind shares surge nearly 20% on best-ever Q1 earnings

Business Business: Shares of fully integrated wind energy solutions provider Inox Wind today jumped 19.6% to hit a new record high of ₹209 per share after the company posted stellar June quarter results. On Friday, the company reported a net profit of ₹50 crore for the June quarter (Q1FY25), a huge turnaround from the net loss of ₹65 crore reported in the same period last fiscal. Total revenue grew 85% to ₹651 crore in the quarter as against ₹352 crore in the previous year. EBITDA (earnings before interest, tax, depreciation and amortisation) margin jumped 1200 basis points year-on-year to 21%. This stellar performance was the best Q1 financial performance in the history of Inox Wind, according to the company’s earnings filing. Largest order book everThe company’s order book is at an all-time high, totalling 2.9 GW as of June 30, 2024, including projects to be completed in the next 2.5 years.

This order book comprises a diverse range of customers, including public sector undertakings (PSUs), independent power producers (IPPs) and the commercial and industrial (C&I) market, with a healthy mix of turnkey projects and equipment supplies. The company said it has received a strong response from customers. It has already won orders of 611 MW in FY25, including repeat orders from key customers. Further, active discussions among several IPP, PSU and C&I customers give it the potential for large order inflows. The company has increased its manufacturing capacity for 3 MW wind turbines, transitioning from the previous 2 MW model, and has secured licenses for a new 4.X MW wind turbine platform. Designed with a larger rotor diameter for low-wind locations, this new turbine is set to be a game-changer in India.