Inox Wind Limited (IWL) part of the INOX Group is an integrated wind energy solutions provider and a pure-play renewable energy company. It is amongst the fastest growing and one of the leading wind power solution providers in India. The company is engaged in the business of manufacture of Wind Turbine Generators (WTGs) and also provides related Erection Procurement & Commissioning (EPC) Operations & Maintenance (O&M) and Common Infrastructure Facilities services for WTGs. The company manufactures key components of Wind Turbine Generators (WTGs) in-house which ensures cost competitiveness cost-effective logistics and attractive margins. The company has three state-of-the-art manufacturing plants at Rohika in Gujarat Una in Himachal Pradesh and Barwani in Madhya Pradesh. The total manufacturing capacity is 1600 MW of wind turbines spread across these three plants. The plants in Gujarat and Madhya Pradesh manufacture Blades & Tubular Towers while Hubs & Nacelles are manufactured at the company's facility at Himachal Pradesh. The facility at Rohika currently has the capacity to manufacture 400 rotor blade sets and 150 towers per annum. The Barwani facility at Madhya Pradesh has the capacity to manufacture 400 rotor blade sets and 150 towers per annum. The Una facility can manufacture 550 Nacelles and Hubs. Inox Wind has an installed base of 2.4 GW in India with multi-year O&M agreements. On an aggregate basis the company has ~7% of market share of the cumulative wind energy installed in India on March 31 2018. The company has ve obtained ISO 9001:2008 ISO 14001:2004 OHSAS 18001 and ISO 3834 certification for management systems pertaining to manufacturing installation the commissioning and O&M of wind turbines.The company's capability to provide turnkey solutions to its customers makes it a preferred partner to wind farm developers and IPPs. The company has a state-of-the- art technology licensed from AMSC a leading wind energy technology company for exclusive manufacturing of 2 MW WTGs in India. The company also has a non-exclusive license to manufacture 2 MW WTGs worldwide based on AMSC's proprietary technology. In addition to this the company has a non-exclusive license from WIND novation Engineering Solutions GmbH Germany to manufacture rotor blade sets in variant of 93.3 100 and 113-meter rotor diameter.The company offers turnkey wind power solutions to its clients which provides it with a competitive edge in the marketplace and is a key to its wind value chain. The company has one of the largest order books in India's wind power industry.Inox Wind owns a 100% subsidiary Inox Wind Infrastructure Services which does the project development in respect of wind power projects including wind studies energy assessments land acquisition site infrastructure development power evacuation statutory approvals erection and commissioning and long term operation and maintenance of the wind farms.Inox Wind's Initial Public Offer (IPO) opened for subscription on 18 March 2015 and closed on 20 March 2015 for the total size of 31918226 Equity Shares of face value of Rs 10 each comprising of a fresh issue to the public of 21918226 Equity Shares and an Offer for Sale of 10000000 Equity Shares by Gujarat Fluorochemicals Limited the Promoter Company. The shares were issued at a premium of Rs 315 per share. The IPO was oversubscribed by 18.57 times. The company's shares were listed on the bourses on 9 April 2015.During the financial year ended 31 March 2015 Inox Wind received multiple orders from prestigious names such as Tata Power Continuum Wind and Green Infra. The company received repeat orders from almost all customersDuring the financial year ended 31 March 2016 Inox Wind maintained momentum in the tender market with orders bagged from IOCL PTC India and GIPCL. During the year under review the company signed an agreement with its technology partner AMSC to collaborate on development of 3 MW turbine in India. Simultaneously Inox Wind signed another contract which secures it perpetual and exclusive rights from AMSC to manufacture 2 MW Electronic Control Systems in India. During the year under review the company successfully launched high performance WTGs with 113 metre rotor diameter. During the year under review the company commissioned a new manufacturing facility in Madhya Pradesh.During the financial year ended 31 March 2017 Inox Wind expanded its presence in Andhra Pradesh Karnataka and Kerala. Solar Energy Corporation of India (SECI) concluded the first auction of 1050 MW in February 2017 in which Inox Wind won 300 MW (29% market share). During the financial year ended 31 March 2018 Gujarat Fluorochemicals Limited the Promoter of the Company and other Promoter Group entities made an Offer for Sale (OFS) through stock exchange mechanism and disinvested 23561331 equity shares of the company representing 10.62% of the total paid up equity share capital of the company. Accordingly post OFS the Promoter and Promoter Group's Shareholding in the Company reduced from 85.62% to 75% of the total equity share capital of the Company with effect from 22 March 2018.During the year the company bagged orders from all the central wind power auctions conducted by the Solar Energy Corporation of India (SECI) during under the auction regime. The company also bagged 50 MW in the Maharashtra State auction which has enhanced its auction-based order book to a sector-leading 950 MW in the Indian wind power industry. The launch of the 120-meter tower has put the company amongst the select few manufacturers with the capability to produce such tall hub heights. The 113-meter rotor dia WTG significantly increases annual energy production and is especially suited for low wind segments in India. During the year under review the company launched and implemented the power booster technology for its clients which leads to 6-8% improvement in energy output.During the year under review the company took steps to improve balance sheet metrics including reducing receivables working capital and debt levels. The year started with net receivables of Rs 2366 crore. Adding FY 2018 sales of Rs 480 crore and a closing balance of Rs 1060 crore in Net Receivables the total collection stood at Rs 1786 crore for the year. Net Working Capital which stood at Rs 1804 crore at the start of FY 2018 reduced by Rs 565 crore translating into a Net Working Capital of Rs 1239 crore by the year-end.