Inox Wind advanced 2.89% to Rs 245.35 after the company informed that its EPC projects subsidiary Global Wind Services has completed Rs 350 crore equity raise from marquee investors.
Resco Global Wind Services is amongst the top 2 wind EPC service providers in India with a strong operational track record of more than 14 years. The company offers end-to-end services for wind projects right from conceptualization stage up to project commissioning, as well as the construction of transmission infrastructure to evacuate power from such projects, offering turnkey solutions to developers on plug-and-play basis.
The investors that have invested in Global Wind Services are Valrado Venture Partners Fund II, Anchorage Capital Scheme I (A Scheme of Anchorage Fund), JM Financials Products, Founders Collective Fund, One Up Financial Consultants, Authum Investments & Infrastructure and Capri Global Holdings.
The funds will be utilized to scale up the business offerings and capitalize on the large-scale opportunities in the Indian wind sector.
Expanding offerings under EPC, the company is venturing into crane services and unlocking new revenue streams through hybridization of its power evacuation assets.
The latest renewable energy policies of multiple states allow hybridization of existing as well as future transmission assets, providing incremental revenues to asset owners including Resco Global. Inox Winds large and well diversified orderbook of 3 GW, with a healthy order inflow pipeline, provides strong revenue visibility for Resco Global.
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Inox Wind is a wind energy solutions provider in India, catering to IPPs, utilities, PSUs, and corporate investors. It is part of the INOXGFL Group, with a focus on chemicals and renewable energy. IWL is fully integrated in the wind energy market, with four manufacturing plants and a capacity of over 2 GW per annum.
The company reported a consolidated net profit (from continuing operations) of Rs 47.17 crore in Q1 FY25 as against a net loss of Rs 64.88 crore posted in Q1 FY24. Revenue from operations surged 83.18% year on year to Rs 638.81 crore in the quarter ended 30 June 2024.
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