Inox Wind share price gains more than 11% scaling 52-week high as NTPC REL commissions 50MW wind project

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Inox Wind Ltd gained more than 11% in intraday trades on Monday scaling 52 week highs. The move was propelled NTPC Renewable Energy Ltd. (NTPC REL), the customer of Inox Wind Ltd announcing the successful commissioning of 50 MW out of 150 MW Dayapar Wind Energy Project Phase-I in Gujarat.

Inox Wind has supplied and installed the Wind Turbine Generators (WTGs) with 113-meter rotor diameter and 92m hub height, Further Inox Wind’s subsidiary Inox Green Energy Services Ltd, will provide comprehensive O&M (operations and maintenance) services for the lifetime of the project (25 years). It is the first project of NTPC REL and the first capacity in India declared commercial under new Indian Electricity Grid Code (IEGC) and General Network Access (GNA) Regime, said Inox Wind in its filings to the exchange. Inox Wind share price has gained more than 80% during last one year as Inox Wind continues its financial turnaround trajectory.

Also Read- Rekha Jhunjhunwala portfolio stock hits 52-week high. Rises 200% in FY24 The company had reported cash profit in the recently concluded Q2 following its break-even performance at the Ebitda level during Q1 of the current fiscal year. Kailash Tarachandani, Chief Executive Officer in the investors call post Q2 results had said that Inox Wind’s Q2 outstanding performance is noteworthy, especially considering that the second quarter is typically subdued within the industry due to the countrywide impact on the monsoon season.

For the quarter on a consolidated basis, Inox Wind reported revenue of Rs. 384.4 crores in Q2FY24 versus Rs. 111.9 crores during Q2FY23, an increase of 250% year over year.