Indowind Witness Rs 61.50 Lakh Profit In March 2023, Q4

Wind Turbine Monitoring Systems Market To Grow By $8.72 Bn

Chennai-based wind energy company Indo Wind recently released its quarterly result report. Indowind Energy has wind farms, manages wind assets, and generates green power for sale to utilities and corporations.

In its March quarter, Indo Wind reported a profit of Rs 61.50 lakh. whereas, last year, the company reported a loss of Rs 25 crore. The wind company’s total income rose to Rs 4.01 crore in the January-March period from Rs 3.93 crore from the previous year. The company’s expenses rose to Rs 4.07 crore, from Rs 3.81 crore in January-March FY23.

Moreover, Indowind Energy reported a net profit of Rs 0.65 crore in the quarter ended March 2024. This profit stands against the net loss of Rs 24.88 crore incurred by the company during the previous quarter which ended in March 2023. The company’s sales witnessed a decline of 1.55% to Rs 4.44 crore in the quarter ended March 2024. This stands against Rs 4.51 crore earned by the company during the previous quarter year March i.e., 2023.

Moreover, for the full year, the company posted a net profit of Rs 7.26 crore in the year ended March 2024. This stands against the net loss of Rs 19.26 crore during the previous year ended March 2023. Overall, the company’s sales rose by 16.93% to Rs 39.71 crore in the year ended March 2024 as against Rs 33.96 crore during the previous year ended in March 2023.

CRISIL Ratings in its recent report estimated that the wind capacity addition is expected to witness to rise of 2.5x on auction ramp-up and easing supply-side constraints. The research agency anticipates an increase in India’s wind capacity addition with an increase by 2.5 times to nearly 25 GW between fiscals 2025 and 2028. This is an increase compared to 9 GW added between fiscal 2021 and 2024, entailing a capital expenditure (capex) of Rs 1.8–2 lakh crore.

This rides on the increasing importance of wind generation in India’s renewable mix for grid balancing and providing renewable power throughout the day vis-à-vis solar generation, which typically happens during the day. A ramp-up in auctions of wind and hybrid projects (including storage-linked projects)1 supported by the construction of transmission infrastructure to wind sites, improved financial profiles of wind original equipment manufacturers (OEMs), and viable tariff bids in the recent past indicate as much. India added wind capacity of 3.0 GW per year between fiscal 2014 and 2018.