Inox Wind Achieves Profit After Tax (PAT) Positivity

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Inox Wind Limited (IWL) has announced its Q3 FY24 financial results. With consolidated revenue at INR 506.9 crore, up 113% from Q3 FY23, driven by robust order execution. EBITDA has increased to Rs. 99.5 crore from a loss of Rs. 172.5 crore in Q3 FY23. IWL also achieved a profit after tax of Rs. 1.8 crore in Q3 FY24 compared to a loss of Rs. 287.9 crore in Q3 FY23.

Here are some other significant milestones that indicate a promising growth trajectory:

• Secured the largest wind project order of 1,500 MW from a major power utility.
• Accumulated orders of approximately 1,850 MW in recent months, elevating the order book to around 2.6 GW (excluding Letters of Intent).
• Inclusion of 3 MW turbines in the Renewable Energy Ministry’s Reverse Auction Mechanism (RLMM).
• Signed a landmark agreement for the introduction of 4.X MW wind turbines in India, ensuring technological advancement for the next decade.
• Raised around Rs. 800 crores from global institutional investors, bolstering the balance sheet substantially.
• Boasts a vast project inventory with a pipeline of high-value project site developments.

Speaking about the results, Mr. Devansh Jain, Executive Director, INOXGFL Group, said, “This is a momentous achievement for Inox Wind. The efforts which we have put over the last few quarters have yielded a remarkable turnaround for Inox Wind in Q3, which is reflected in the current order book and the reported numbers. I firmly believe that we have just embarked on a massive growth journey. With all the levers aligned, which includes the strong promoter backing of the company, a robust balance sheet, large and continuously increasing orderbook, ramped up operations, a high value project development pipeline, along with being technologically ready for the next decade, I believe Inox Wind is fully geared up to capture the large opportunities that the sector beholds.”

Mr. Kailash Tarachandani, CEO of Inox Wind, added, “I am delighted to announce that our efforts over the past year has delivered a profitable quarter, a massive turnaround after the painful transition in the industry. Q3 FY24 is the stepping stone for us. We have ensured that all the building blocks are in place for us to deliver gigawatt-plus scale annual execution and create value for all our stakeholders.”