Inox Wind surges after promoter entity infuses Rs 900 crore; firm achieve ‘net debt free’ status – EQ
In Short : Inox Wind surged after its promoter entity infused ₹900 crore, helping the company achieve a ‘net debt-free’ status. This financial boost strengthens Inox Wind’s balance sheet and enhances its capacity to pursue new growth opportunities in renewable energy.
In Detail : Inox Wind zoomed 11.80% to Rs 159.15 after the company announced the completion of infusion of ~ Rs 900 crore into the company by its promoter Inox Wind Energy (IWEL).
The funds were raised by IWEL on May 28, 2024, through sale of equity shares of IWL through block deals on the stock exchanges, witnessing participation of several marquee investors.
The funds will be utilised by IWL to completely pare down its external term debt to achieve a net debt free status.
Kailash Tarachandani, CEO of Inox Wind, said: It has been a remarkable journey so far. This fund infusion will help us become a net debt free company, strengthening our balance sheet and help accelerate our growth.
We expect substantial savings in interest expenses going ahead, aiding our profitability further.
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 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.
