 "Inox Wind")
Shares of Inox Wind hit an over seven-year high of Rs 235 as they surged 9 per cent on the BSE in Monday's intraday trade after its customer, NTPC Renewable Energy Ltd. (NTPC REL), announced the successful commissioning of 50 MW out of 150 MW Dayapar Wind Energy Project Phase-I in Gujarat.
The stock of the wind energy solutions provider was quoting at its highest level since July 2016. Since April, the market price of Inox Wind has more-than-doubled, soaring 152 per cent.
As part of the order, Inox Wind has supplied and installed 25 numbers DF 113/92 - 2.0 MW capacity Wind Turbine Generators (WTGs) with 113m rotor diameter and 92m hub height. Further, as part of the order, Inox Wind, through its subsidiary Inox Green Energy Services, will provide comprehensive operation and maintenance (O&M) services for the lifetime of the project (25 years).
NTPC, a key customer for whom Inox Wind is setting up 500 MW of wind capacity, currently has a pipeline of 20 GW+ of renewable energy capacity with a target to reach 60 GW by 2032.
The management said, NTPC REL's Dayapar project has been an important project for Inox Wind. The company is progressing well to complete the balance part of NTPC-I (150 MW) project as well as deliver NTPC-II (200 MW) and NTPC-III (150 MW) projects. The company, the management said, continues to be a long term and trusted supplier for NTPC and a key partner in their vision of achieving their ambitious Renewable Energy targets.
Inox Wind is engaged in the business of manufacture and sale of Wind Turbine Generators (WTGs). It also provides Erection, Procurement & Commissioning (EPC), Operations & Maintenance (O&M) and Common Infrastructure Facilities services for WTGs and wind farm development services. The area of operations of the company is within India.
Meanwhile, in the September quarter (Q2FY24), Inox Wind's consolidated net loss narrowed to Rs 26.84 crore due to higher revenues. Consolidated net loss of the company stood at Rs 133.81 crore in the year-ago period. Total income from operations rose to Rs 384.40 crore during the quarter from Rs 111.89 crore in the same period a year ago.
In terms of policy developments, there have been numerous recent announcements at both the central and state levels that will further stimulate investment in the renewable energy sector, with a particular focus on green energy.
In August 2023, Inox Wind successfully raised approximately Rs 460 crore, net of taxes and fees, through a promoter stake sale and subsequent capital injection further fortifying its financial position.
The management, in Q2FY24 earnings conference call, said the net order book representing 1,276 megawatts provides the company with a solid outlook for the future.
The company has actively participated in various public sector tenders which are at different stages of awarding. In addition, the company is engaged in discussion with numerous IPPs (independent power producers) as well as C&I (commercial and industrial) customers regarding potential orders.
"The company’s subsidiary Inox Green, specializing in operation and maintenance, has delivered consistent profit over consecutive quarters. The company’s portfolio now stands at an impressive over 3.2 gigawatts with cash and cash flow positive business with high Ebitda margin and is well on its way to nearly doubling its wind turbine generator O&M portfolio to 6 gigawatts within the next three years," the management said.
