The wind energy service provider reported a consolidated net profit (from continuing operations) of Rs 37.67 crore in Q4 FY24 as against a net loss of Rs 115.51 crore posted in Q4 FY23.
Revenue from operations stood at Rs 527.73 crore in Q4 FY24, steeply higher than Rs 190.75 crore recorded in the corresponding quarter previous year.
The company reported profit before exceptional items and tax at Rs 50.57 crore in Q4 FY24 as compared to a loss before exceptional items of Rs 115.08 crore recorded in Q4 FY23.
Consolidated EBITDA (including discontinued operations) was at Rs 140 crore, reported a massive jump over EBITDA loss of Rs 25 crore in Q4 FY23
Inox Wind said that the order book stood at around 2.7 GW with a healthy mix of PSUs, IPPs, C&I and retail.
For FY24, the company reported a consolidated net loss dropped of Rs 50.79 crore as against a net loss of Rs 696.84 crore posted in FY23. Revenue from operations zoomed 137.81% year on year to Rs 1743.24 crore in FY24.
The firm stated that the macro outlook continues to be extremely favourable. Power demand growth is expected to remain strong in the coming years, requiring capacity addition at a rapid pace, particularly renewables. Over the next 8-10 years, India plans to add around 100 GW of wind power capacity, on the current base of around 46GW. In FY24, more than 50GW of renewables capacity was awarded through auctions, including over 15 GW of hybrid / RTC / FDRE projects and 2.3GW of plain vanilla wind, it added.
Kailash Tarachandani, CEO of Inox Wind, said, Q4 has been a milestone quarter for the company as we successfully transitioned to 3 MW WTG supplies from 2 MW WTGs. Our EBITDA run rate in Q4 places us on a strong footing for FY25. Our debt levels have also come down drastically and we expect to be net debt free within H1 FY25. The macro tailwinds are reflected in the strong orderbook which stands at ~ 2.7 GW today. Our other initiatives including ramping up operations, strengthening our balance sheet, coupled with our large order book, will translate into higher order execution from FY25 onwards, resulting in strong growth in profitability.
Meanwhile, the board of Inox Wind has fixed Saturday, 18 May 2024 as the record date to determine the shareholders' eligibility for allotment of bonus shares in the ratio of 3:1 i.e. three new equity shares of face value of Rs 10 per share for every one existing equity share. The issuance of bonus shares is subject to the approval of the shareholders.
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.
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