Inox Wind said the order is for its state-of-the-art 3 MW wind turbine generators (WTGs) and the scope comprises equipment supply with certain add-on services. Additionally, Inox Wind will also provide post commissioning multi-year operations and maintenance services. The WTGs will be supplied to HFE from the third quarter of fiscal year 2025 (FY25) onwards and will be installed in South India.
Inox Wind (IWL) announced on Friday it has bagged an order for the supply of 210 mega watts (MW) of wind turbine generators (WTGs) from Hero Future Energies (HFE).
The order is for IWL’s state-of-the-art 3 MW WTG and the scope comprises equipment supply with certain add-on services, the company said in an exchange filing. Additionally, Inox Wind will also provide post commissioning multi-year operations and maintenance services, it said. The WTGs will be supplied to HFE from the third quarter of fiscal year 2025 (FY25) onwards and will be installed in South India.
During the third quarter of fiscal year 2024 (Q3FY24), the company had reported consolidated revenue of ?506.9 crore, registering 113% increase from ? 237.7 crore posted in the same period of previous fiscal, on the back of strong order execution in the quarter.
Earnings before interest, tax, depreciation and amortisation (EBITDA) during the quarter stood at ?99.5 crore compared to an EBITDA loss of ?172.5 crore in Q3FY23. IWL posted profit after tax of ?1.8 crore in Q3FY24 compared to a loss after tax of ? 287.9 crore in the same period of previous fiscal.
The company said during the earnings announcement that it had secured a single wind project order of 1,500 MW from a leading power utility. Its order intake cumulated to about 1,850 MW over the past few months, taking the orderbook to nearly 2.6 GW, the company had stated. The company also signed a landmark agreement for the launch of 4.X MW wind turbines in India.
IWL had also raised nearly ?800 crore from global institutional investors which was utilised to strengthen the balance sheet, the company had stated.
Shares of the company had gained over 3.5% since the beginning of the year. The stock has risen over 453% in the last one year.
