Inox Wind shares gain 7% after swinging into Rs 90-cr profit in Q2FY25

Inox Wind shares advanced 6.89 per cent on Monday and registered an intraday high of Rs 217 per share on BSE. The stock was in demand after the company registered a profit in Q2FY25 as compared to a loss in Q2FY24. 

 

At around 12:02 PM, Inox Wind shares were up 4.48 per cent at Rs 212.1 per share. In comparison, the BSE Sensex was up by 1.11 per cent at 80,284.85 at around the same time. The market capitalisation of the company at around the same time stood at Rs 27,653.47 crore. 

 

On Friday, after market hours, Inox Wind posted a net profit of Rs 90.2 crore for the quarter ended September 30, helped by higher income.

 

The company had incurred a loss of Rs 26.84 crore in the July-September period of FY24, the company said in an exchange filing.

 

The company's total income increased to Rs 741.74 crore as compared to Rs 384.4 crore in the year- ago period. However, expenses rose to Rs 647.93 crore in the quarter under review as compared to Rs 412.54 crore a year ago.

 

In a separate statement, the company said its order book touched 3.3 gigawatt (GW), which includes 1.2 GW of fresh orders in the first half of FY25.

 

During the quarter, Inox Wind signed a consortium agreement with banks for Rs 2,200 crore facilities, largely non-fund based, sanctioned on the financial strength of IWL's balance sheet.

 

Its subsidiary Resco Global raised Rs 350 crore equity capital from marquee investors. 

Management commentary

“We have delivered positive operational cash flows in H1 FY25, which is bound to significantly increase going ahead,” said Devansh Jain, executive director, INOXGFL Group.

 

“I am glad that despite the seasonal challenges, we have been able to deliver robust numbers in Q2. I am very excited by the prospects of H2, as we surge ahead to deliver on our commitments," said Kailash Tarachandani, CEO of Inox Wind.

 

Tarachandani added: We are also focusing on several means to increase our profits in the years ahead with the launch of larger blades, commercialisation of new products and backward integration. While we have added 1.2 GW of fresh orders in the first half of FY25 to take our orderbook to 3.3 GW, which is the highest ever in Inox Wind’s history, given the multiple ongoing negotiations with new and existing customers, we are confident of adding more in the coming months.

 

In the past one year, Inox Wind shares have gained 284.61 per cent against Sensex's rise of 24.4 per cent.