Inox Wind obtains 550 MW wind projects in Gujarat, Rajasthan, and Madhya Pradesh.
Inox Wind Ltd. is gaining attention after a 400% share price surge over the past year. The company announced a 550 MW wind capacity project with IGREL Renewables Ltd., expanding its order book to over 3.5 GW.
After a remarkable 400% increase over the past year, shares of Inox Wind Ltd. are set to attract attention on Wednesday, September 18.
The wind energy solutions provider announced to the exchanges that it has received a Letter of Intent (LoI) from IGREL Renewables Ltd. for the development of 550 MW of wind capacity on a turnkey basis.
As part of this project, Inox Wind will supply, install, and commission Wind Turbine Generators (WTGs), as well as provide comprehensive operations and maintenance (O&M) services for several years after commissioning. The project is expected to be completed over the next 24 months at various locations in Gujarat, Rajasthan, and Madhya Pradesh.
This 550 MW LoI adds to Inox Wind's previous order of 200 MW, bringing the company’s total order book to over 3.5 GW.
Kailash Tarachandani, Group CEO of Inox Wind, remarked, “This marks another significant milestone for Inox Wind, strengthening our position to achieve our vision of executing 2 GW annually by FY27, supported by our large order book. With strong sectoral momentum and IWL’s solid positioning, we are well-prepared to seize substantial opportunities in the sector over the next decade.”
For the April-June quarter, Inox Wind reported an 83% year-on-year revenue increase to ₹638.8 crore, along with a net profit of ₹48 crore, recovering from a net loss of ₹63.5 crore in the previous year.
Inox Wind shares closed 1.51% higher at ₹244, reflecting an 86% increase so far in 2024.
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