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Following a 400% rally over the last 12 months, shares of Inox Wind Ltd. will be on focus on Wednesday, September 18. NSE The wind energy solutions provider informed the exchanges that it has received a Letter of Intent (LoI) from IGREL Renewables Ltd.
(IGREL) for the execution of 550 MW wind capacity on turnkey basis. As part of the project, Inox Wind will supply, install and commission the Wind Turbine Generators (WTGs), and provide multi-year comprehensive operations and maintenance (O&M) services post-commissioning. The project will be executed over the next 24 months across multiple sites in the states of Gujarat, Rajasthan and Madhya Pradesh.
The 550 MW LoI is in addition to the company's previous order of 200 MW and takes Inox Wind's order book to over 3.5 GW. "This is yet another milestone for Inox Wind and puts our company on a firm footing to achieve our 2 GW annual execution vision, which we aim to accomplish in FY27 with our large orderbook.
With robust sectoral tailwinds and IWL’s strong positioning having all the levers in place, we are primed to capitalize on the large opportunity in the sector over the next decade," said Kailash Tarachandani, Group CEO of Inox Wind. For the April-June quarter, Inox Wind reported a 83% revenue growth from the same quarter last year to ₹638.8 crore, while the company reported a net profit of ₹48 crore compared to a net loss of ₹63.
5 crore last year. Shares of Inox Wind ended 1.51% higher at ₹244 and have risen 86% so far in 2024.
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