Inox Wind turns profitable in Q3 on higher revenue; order book stands at 2.6 GW

Inox Wind on Friday posted a consolidated net profit of Rs 1.81 crore in the December 2023 quarter on the back of higher revenues.

It had suffered a loss of Rs 287.86 crore in the October-December quarter a year ago, Inox Wind said in an exchange filing.

The company's total income rose to Rs 506.88 crore in the reporting quarter from Rs 237.68 crore in the year-ago period.

In a separate statement, the company said its EBIDTA was at Rs 99.5 crore in the quarter against an EBITDA loss of Rs 172.5 crore in the same quarter of 2022-23.

The company's orderbook stood at 2.6 GW, the statement said.Devansh Jain, Executive Director, INOXGFL Group said efforts put in over the last few quarters have yielded a remarkable turnaround for Inox Wind in the third quarter, 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," he said.

Kailash Tarachandani, CEO of Inox Wind, said, "Our efforts over the past year has delivered a profitable quarter after the painful transition in the industry. The Q3 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." 

During the quarter, the company said it secured the single largest wind project order of 1,500 MW from leading power utility. 

It also raised Rs 800 crore from global institutional investors which was utilized to significantly strengthen the balance sheet.

The government has included 3 megawatt (MW) wind turbine generators of wind energy solutions provider Inox Wind in its revised list of models and manufacturers.