Inox Green Energy net loss widens in Q2 FY23

Inox Green Energy Services reported a net loss of Rs 11.87 crore in Q2 FY23 as against a net loss of Rs 11.58 crore posted in Q1 FY23.

Total Income from operations rose 4.3% quarter on quarter (QoQ) to Rs 65.87 crore in Q2 FY23. EBITDA stood at Rs 19.17 crore in Q2 FY23 as compared to Rs 18.93 crore in Q1 FY23.

The company reported a pre-tax loss of Rs 16.53 crore in Q2 FY23 as compared to Rs 15.58 crore in Q1 FY23.

Total expenses increased 4.65% QoQ to Rs 82.40 crore in the quarter ended 30 September 2022. EPC, O&M, common infrastructure facility expenses jumped 53.84% to Rs 28 crore while employee benefits expense rose 5.91% to Rs 6.27 crore during the period under review.

Inox Green Energy Services is one of the major wind power operations and maintenance (O&M) service providers within India. It is engaged in the business of providing long-term O&M services for wind projects. It is a subsidiary of Inox Wind with whom it enjoys a synergistic relationship and a part of the Inox GFL Group of companies.

Shares of Inox Green Energy Services debuted on the bourses on 23 November 2022. The scrip was listed at a price of Rs 60.50, at a discount of 6.92% as compared to the issue price of Rs 65.

The scrip declined 0.66% to currently trade at Rs 59.90 on the BSE.

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