Inox Wind Sales Rise 176.6% to Rs 527.73 Crore In Q4 FY24

By Saur News Bureau/ Updated On Sat, May 4th, 2024

Wind energy solutions provider Inox Wind Ltd continued its strong turnaround in Fy 24, as it reported a consolidated net profit of Rs 38 crore for the fourth quarter that ended March 31, 2024. In the corresponding quarter last year, Inox Wind had posted a net loss of Rs 115 crore.

Sales rose 176.66% to Rs 527.73 crore in the quarter ended March 2024 as against Rs 190.75 crore during the previous quarter ended March 2023.

For the full year, net loss was reported to be Rs 51 crore in the year ended March 2024 as against net loss of Rs 697 crore during the previous year ended March 2023. Sales rose 137.81% to Rs 1743.24 crore in the year ended March 2024 as against Rs 733.04 crore during the previous year ended March 2023.

Inox Wind’s order book stands at 2.7 GW with a healthy mix of PSUs, IPPs, C&I and retail. The company has recently secured a 210 MW order from Hero Future Energies.

Inox Wind Gets Repeat Order for 210 MW WTGs From Hero Future Energies

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Kailash Tarachandani, CEO of Inox Wind, said, “The Q4 has been a milestone quarter for the company as we successfully transitioned to 3 MW WTG (wind turbine generators) supplies from 2 MW WTGs. Our debt levels have also come down drastically and we expect to be net debt free within H1 FY25.”

The company secured the single-largest wind project order of 1,500 MW from a leading power utility during the quarter, resulting in a healthy order book of 2.7 GW (excluding letter of intent) having a revenue potential of Rs 18,000 crore.

Inox Green Energy Services

Group firm Inox Green Energy Services Ltd which is more focused on maintainance of turbines, reported a net profit of Rs 20.6 crore for the fourth quarter that ended March 31, 2024. In the corresponding quarter, Inox Green Energy Services posted a net loss of Rs 1.8 crore, the company said in a regulatory filing.