Conference Call with Inox Green Energy Services Management and Analysts on Q1FY24 Performance and Outlook. Listen to the full earnings transcript.
Electric Utilities company Inox Green Energy Services announced Q4FY23 & FY23 results: Q4FY23: Total revenue of Rs 59 crore in Q4FY23 against revenue of Rs 45 crore in Q4FY22 EBITDA Profit of Rs 23 crore in Q4FY23 against EBITDA Profit of Rs 25.23 crore in Q4FY22. FY23: Total revenue of Rs 254 crore in FY23 against revenue of Rs 172 crore in FY22 EBITDA Profit of Rs 102 crore in FY23 against EBITDA Profit of Rs 100 crore in FY22 The Company successfully completed its IPO in the month of November 2022 and raised Rs 740 crore (Rs 370 crore primary and Rs 370 crore secondary to Inox Wind). The company has utilized Rs 330 crore from the proceeds of the IPO to deleverage its balance sheet. The 50 MW Nani Virani SPV is fully operational. This is expected to be down-sold in the near future post which debt to the tune of Rs 200 crore will reduce. It will also unlock the equity invested in the project to the tune of ~ Rs 100 crore which in turn will be utilized for further reduction of debt. With this monetization of around Rs 300 crore. The company will become net debt free. IGESL has acquired 51% stake in Ifox Windtechnik India Limited. This has added over 230 MW of O&M; business to it’s portfolio. Over Q4FY23, the Company has become ESG Compliant and assurance report for the same has been taken from Ernst &Young.; CRISIL has upgraded the rating of Company from CRISIL BBB/Out look stable to CRISIL BBB+/Outlook Positive Result PDF