Electric Utilities company Inox Wind announced Q2FY25 results Strongest Q2 financial performance in 8 years. Revenue up 93% YoY; EBITDA up 171% YoY; highest quarterly PAT at Rs 90 crore since Q3FY17. 140 MW execution in Q2 FY25, up 82% YoY; 280 MW execution in H1FY25, up 96% YoY. Largest ever orderbook at ~ 3.3 GW; FY25 order inflows stand at ~1.2 GW with a strong order pipeline. Inox Wind’s balance sheet has achieved net cash status. H1FY25 operational cash flow turns positive. Net interest expense stood at Rs 28 crore excluding one time charges of ~ Rs 6 crore (consortium formation charges etc.) and interest income; expect significant reduction in interest expense from Q3FY25 onwards. Subsidiary Resco Global raised Rs 350 crore equity capital from marquee investors for a single digit dilution; Resco is expanding beyond EPC and purchasing cranes for captive requirements as well as to be rented out to third parties. Inox Wind signed a consortium agreement with banks for ~ Rs 2,200 crore, largely non-fund based (BGs & LCs). These limits have been sanctioned on the financial strength of IWL’s balance sheet and without the requirement of any corporate guarantees or any other support from Gujarat Fluorochemicals Ltd. Result PDF
Electric Utilities company Inox Wind announced Q1FY25 results: Revenue up 85%; EBITDA up 349%; PAT rises to Rs 50 crore Best Q1 financial performance in the history of Inox Wind Largest ever order book of > 2.9 GW (up 254% YoY); provides huge revenue growth visibility Promoters (IWEL) infused ~ Rs 900 crore (net of taxes and fees) in Jul’24 resulting in IWL becoming a net cash company New manufacturing set up to be operational within CY24; leasing model minimizing capex Value unlocking through EPC arm and value enhancement through hybridization of existing common infrastructure Devansh Jain, Executive Director, INOXGFL Group, said on the occasion, “The hard work of last several years has started to yield results and we are now on the runway ready for take-off on the massive growth journey ahead, buoyed by the strong macro tailwinds. Also, IWL’s parent, IWEL has infused Rs 900 crore recently, making the company net cash positive and strengthening the balance sheet to capitalize on the multi-decadal opportunity in the Indian wind sector. We have always been bullish on the wind sector in India albeit the hiccups that we faced in the interim. I am thankful to all our stakeholders for their support thus far and am confident of significant value creation for all going ahead.” Commenting on the results, Kailash Tarachandani, CEO of Inox Wind, said, “We have commenced FY25 on a very strong note. With our manufacturing capacities and supply chain already in place, and backed by our large diversified order book of > 2.9 GW, we are looking at a massive scale up in operations. We are receiving a very strong response from customers for our products. We have already won 611 MW of orders in FY25, including repeat orders from marquee customers. Active discussions across multiple IPPs, PSUs, and C&I; customers provides us a large order inflow visibility. Infusion of Rs 900 crores by IWEL, the parent of IWL, has resulted in the company becoming net cash positive, which will reduce our interest payments substantially and shall provide further boost to our profitability. With strong sectoral tailwinds and our current positioning, we are very confident of capitalizing on the massive opportunity that the wind sector in India beholds.” Result PDF
Electric Utilities company Inox Wind announced Q4FY24 results: Financial Highlights: Revenue jumps over 190% YoY to Rs 563 crore in Q4 FY24 EBITDA at Rs 140 crore, a massive jump over EBITDA loss of Rs 25 crore in Q4FY23 PAT at Rs 38 crore, a quantum jump sequentially as well as on YoY basis Robust orderbook at ~ 2.7 GW provides large future revenue growth visibility Healthy balance sheet strengthened by substantial reduction in net debt Commenting on the results, Kailash Tarachandani, CEO of Inox Wind, said, “Q4 has been a milestone quarter for the company as we successfully transitioned to 3 MW WTG supplies from 2 MW WTGs. Our EBITDA run rate in Q4 places us on a strong footing for FY25. Our debt levels have also come down drastically and we expect to be net debt free within H1 FY25. The macro tailwinds are reflected in the strong orderbook which stands at ~ 2.7 GW today. Our other initiatives including ramping up operations, strengthening our balance sheet, coupled with our large order book, will translate into higher order execution from FY25 onwards, resulting in strong growth in profitability.” Result PDF