Electric Utilities company Inox Wind announced Q3FY24 results: Financial Performance Summary: Profit After Tax (PAT): Inox Wind reported a Profit After Tax (PAT) of Rs 1.8 crore in Q3FY24, compared to a loss after tax of Rs 287.9 crore in Q3FY23. Revenue: The consolidated revenue for Q3FY24 was Rs 506.9 crore, marking a 113% year-on-year increase from Rs 237.7 crore in Q3FY23. EBITDA: EBITDA for Q3FY24 stood at Rs 99.5 crore, in contrast with an EBITDA loss of Rs 172.5 crore in the same quarter of the previous year. Operational Highlights: Order Book: After securing the single largest wind project order of 1,500 MW, the company's order book now stands at approximately 2.6 GW. Product Portfolio: IWL has listed its 3 MW turbine in the RLMM (Revised List of Models and Manufacturers) by the Ministry of New and Renewable Energy (MNRE) and has also secured the launch of 4.X MW wind turbines in India. Financial Strengthening: The company raised Rs 800 crores from global institutional investors to significantly strengthen its balance sheet. Project Inventory: Inox Wind has a sizable inventory of project sites, paving the way for high-value project site development. Devansh Jain, Executive Director, INOXGFL Group: "This is a momentous achievement for Inox Wind. The efforts which we have put over the last few quarters have yielded a remarkable turnaround for Inox Wind in Q3, which is reflected in the current order book and the reported numbers. I firmly believe that we have just embarked on a massive growth journey. With all the levers aligned, which includes the strong promoter backing of the company, a robust balance sheet, large and continuously increasing orderbook, ramped up operations, a high value project development pipeline, along with being technologically ready for the next decade, I believe Inox Wind is fully geared up to capture the large opportunities that the sector beholds. Kailash Tarachandani, CEO of Inox Wind: "I am delighted to announce that our efforts over the past year has delivered a profitable quarter, a massive turnaround after the painful transition in the industry. Q3FY24 is the stepping stone for us. We have ensured that all the building blocks are in place for us to deliver gigawatt-plus scale annual execution and create value for all our stakeholders.” Result PDF
Conference Call with Inox Wind Management and Analysts on Q2FY24 Performance and Outlook. Listen to the full earnings transcript.
Electric Utilities company Inox Wind announced Q4FY23 & FY23 results: Q4FY23: Total revenue of Rs 197 crore in Q4FY23 against revenue of Rs 184 crore in Q4FY22 EBITDA loss of Rs (25) crore in Q4FY23 against EBITDA loss of Rs (238) crore in Q4FY22 FY23: Total revenue of Rs 751 crore in FY23 against revenue of Rs 655 crore in FY22 EBITDA loss of Rs (242) crore in FY23 against EBITDA loss of Rs (282) crore in FY22 Operations in full swing and significant ramp-up in execution from the forthcoming quarter, which will get reflected in financial numbers going forward. Large order book with execution picking pace provides strong revenue visibility There is a significant decline in Finance Costs by Rs 25 crore for the quarter (Q4FY23 Rs 69 crore as compared to Q3FY23 Rs 94 crore). Going forward we expect a run rate of sub Rs 45 crore in Q1FY24 which will keep reducing in subsequent quarters. Result PDF