Inox Wind soars after bagging supplying order from Everrenew – EQ
In Short : Inox Wind’s shares surged following the announcement of a significant order from Everrenew. The company has secured a contract to supply wind turbines, marking a boost in its business operations. This deal reflects Inox Wind’s growing presence in the renewable energy sector and its ability to meet increasing demand for sustainable energy solutions, further solidifying its market position.
In Detail : Inox Wind zoomed 8.63% to Rs 226.50 after the company announced that it has bagged an order for 51 MW from Everrenew Energy, a leading player servicing commercial & industrial (C&I) customers.
This is an equipment supply order for IWLs latest 3 MW wind turbine generators (WTGs). Additionally, Inox Wind will provide post commissioning multi-year operations & maintenance (O&M) services. The project will be executed in the state of Tamil Nadu.
Everrenew Energy is India’s fast-growing renewable energy company, which provides a one-stop project management solution for wind, solar and hybrid projects with asset management. Their service includes Wind Resource assessment, Solar assessment, Site identification, permit & approval, land acquisition and development, civil, procurement & logistics, commissioning, and asset management.
Kailash Tarachandani, CEO of Inox Wind, said, “We are pleased to receive a 51MW order from Everrenew, an esteemed customer with whom we aim to build a mutually fruitful partnership going ahead.
We are glad to witness the strong preference for our turbines and services by project developers and we continue to make our contribution as India surges ahead to achieve its renewable capacity targets.”
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.
