Shares of Inox Wind hit a record high of Rs 166, and were locked at the 10 per cent upper circuit on the BSE in Friday’s intra-day trade in an otherwise range-bound market. Today, the stock turned ex-bonus in the ratio of 3:1 i.e. 3 new bonus equity shares for every 1 equity share held.
Inox Wind had fixed Saturday, 25th May, 2024, as the record date for the purpose of ascertaining the eligibility of shareholders for issuance of bonus equity shares of the company.
The stock surpassed its previous high of Rs 165.75 touched on April 26. Till 12:23 pm; a combined 6.43 million equity shares changed hands on the NSE and BSE. In comparison, the S&P BSE Sensex was down 0.04 per cent at 75,385.
In the past one year, the stock price of Inox Wind zoomed 463 per cent from Rs 29.46 (adjusted to bonus), as against 22 per cent rise in the benchmark index.
Inox Wind is India’s leading wind energy solutions provider servicing IPPs, utilities, public sector undertakings (PSUs) & corporate investors. Inox Wind is a fully integrated player in the wind energy market with four manufacturing plants in Gujarat, Himachal Pradesh and Madhya Pradesh, where Blades, Tubular Towers, as well as Hubs & Nacelles are manufactured. Inox Wind offers complete end-to-end wind energy solutions from concept to commissioning to operation and maintenance (O&M), manufacturing key components of Wind Turbine Generator (WTG).
In FY24, Inox Wind’s consolidated revenue jumped 139 per cent year-on-year (YoY) to Rs 1,799 crore from Rs 754 crore in FY23. Earnings before interest, tax, depreciation, and amortisation (Ebitda) stood at Rs 344 crore against loss of Rs 242 crore.
The management said the company’s other initiatives including ramping up operations, strengthening balance sheet, coupled with large order book, will translate into higher order execution from FY25 onwards, resulting in strong growth in profitability.
Inox Wind’s order book stands at ~ 2.7 GW with a healthy mix of PSUs, IPPs, C&I and retail. The company has recently secured a 210 MW order from Hero Future Energies. This is a significant win since it is a repeat order from a large marquee C&I player, the company said.
The macro outlook continues to be extremely favourable. Power demand growth is expected to remain strong in the coming years, requiring capacity addition at a rapid pace, particularly renewables. Over the next 8-10 years, India plans to add around 100 GW of wind power capacity, on the current base of around 46GW.
Meanwhile, on Wednesday, Inox Wind announced that it has received ‘A’ rating from CARE Ratings for its banking facilities. CARE has assigned ‘CARE A; Stable / CARE A1′ rating for Inox Wind’s working capital limits.
The ‘A’ category rating reflects Inox Wind’s strong financial position, robust execution capabilities, large order book, and strong macro tailwinds, Inox Wind said in press release.
First Published: May 24 2024 | 1:09 PM IST
