Inox Wind Q1 Results: Consolidated revenue rises 65% YoY to ₹352.3 crore, turns EBITDA positive – EQ Mag
Inox Wind released their April to June quarter results on Saturday and recorded a jump of 65% year-on-year in their net consolidated revenue which jumped to ₹352.3 crore during Q1FY24 from ₹213 crore during the corresponding quarter last fiscal. The company turned EBITDA positive during the quarter and reported consolidated EBITDA of ₹34.8 crore during the period under review from EBITDA loss of ₹25.7 crore during Q1FY23.
The net loss of the company narrowed to ₹64.8 crore during the period under review from net loss of ₹130 crore during the same period last fiscal.
During the April to June quarter, the order book of the company stood at a strong 1,327MW, across 2MW and 3.3MW wind-turbine generators.
Board approves merger
The company also informed that the merger of Inox Wind Energy Ltd (IWEL) into Inox Wind Ltd (IWL) is also approved and it will help in simplifying the business structure. IWEL is involved in various aspects of the wind energy industry, encompassing the generation and commercialization of wind energy, as well as offering services for the construction, acquisition, and initiation of wind farms.
IWL operates in a comparable field, specializing in the production and sale of wind-turbine generators. It also provides a range of services, including EPC, Operations & Maintenance, and common infrastructure facility services, all geared towards wind-turbine generators.
“The past year has been a transformative journey for Inox Wind in the dynamic wind sector. With strong macro tailwinds and favorable market conditions, I firmly believe that our strategic initiatives position IWL for a profitable FY24. Our team’s dedication and commitment to sustainability and excellence have driven impressive results, reinforcing our position as a key player in the renewable energy sector,” Devansh Jain, Executive Director, of Inox Wind said.
“As we navigate through dynamic market conditions, we remain dedicated to empowering businesses and communities with technologically advanced and environmentally responsible wind energy solutions,” Devansh Jain said.
“In Q1 FY24, Inox Wind has made remarkable strides towards profitability, achieving positive EBITDA at both standalone and consolidated levels. Our strong order book and favorable market conditions have been instrumental in our excellent financial performance. We take great pride in the trust our stakeholders have placed in us,” Kailash Tarachandani, CEO at Inox Wind, said
“As we move forward, we remain dedicated to innovation and pushing boundaries to contribute significantly to India’s growth journey. With the continued support of our promoters and strategic actions, Inox Wind is well on its way to becoming a net debt-zero company in the near future. We are confident in our ability to execute our growth plans and create value for all our stakeholders,” the top officer added.
Source: PTI
