By Inox Wind shares saw a significant boost, surging over 9% during early trading on August 13. This spike came in response to the company’s announcement of a 51 MW equipment supply order from Everrenew Energy, highlighting the increasing demand for Inox Wind’s 3 MW turbines and solidifying its position in the renewable energy sector.
The company’s stock price was trading at ₹227.55 per share on the BSE by 9:49 am, reflecting a 9.45% increase. This order marks another key milestone for Inox Wind, reinforcing investor confidence in its growth prospects and capabilities in the wind energy market.
The order involves supplying Inox Wind’s latest 3 MW Wind Turbine Generators (WTGs) and providing multi-year post-commissioning operations and maintenance (O&M) services. The project, set to take place in Tamil Nadu, underscores the growing adoption of renewable energy solutions across the country.
Kailash Tarachandani, CEO of Inox Wind, expressed his enthusiasm about the deal, stating,
We are pleased to receive a 51 MW 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.
R. Venkatesh, CEO of Everrenew Energy Private Ltd., shared similar sentiments, noting the importance of this partnership in meeting the growing power demands of their customers through sustainable solutions. He emphasized the role of Inox Wind in helping Everrenew drive the adoption of renewable energy in the commercial and industrial (C&I) segment, aiding companies in their energy transition journey.
This order is just one part of a broader success story for Inox Wind, which has been riding a wave of positive financial performance. The company recently reported a remarkable 83.18% year-on-year increase in revenue from operations, reaching ₹638.81 crore for the first quarter of the fiscal year 2024-25 (Q1FY25). This growth is a significant turnaround from the previous year, where Inox Wind faced challenges, including a loss of ₹63.49 crore in the same quarter last year.
The financial turnaround is further highlighted by the company’s profit before tax of ₹48.01 crore for Q1FY25, a stark contrast to the previous year’s loss. Consolidated earnings before interest, tax, depreciation, and amortization (EBITDA) also showed a significant increase, climbing to ₹157 crore in Q1FY25 from ₹35 crore in Q1FY24. These figures reflect the company’s strong operational performance and improved market position.
Inox Wind’s success can be attributed to its comprehensive range of services in the wind energy sector. The company is known for its wind turbine generators (WTGs) and offers services including erection, procurement, and commissioning (EPC), operations and maintenance (O&M), as well as wind farm development and common infrastructure facilities for WTGs.
These offerings position Inox Wind as a key player in the renewable energy market, catering to the growing demand for clean energy solutions in India.
The latest order from Everrenew Energy is expected to further boost Inox Wind’s financial performance in the coming quarters, especially as the company continues to capitalize on the growing interest in renewable energy. As India pushes forward with its renewable energy targets, companies like Inox Wind are poised to benefit from the increasing investments and demand in the sector.
Investors have responded positively to the news, driving the company’s stock to new highs. The strong financial performance and the new order underline Inox Wind’s potential for sustained growth in the rapidly evolving renewable energy market. As the company continues to expand its footprint and secure new orders, it is well-positioned to play a crucial role in India’s clean energy future.
