Inox Wind shares gain 6% on bagging repeat orders for 150 MW green power

Its quarterly net loss was at Rs 117.52 crore down from loss of Rs 255.65 crore in March 2022.

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Inox Wind share price added 6 percent in the early trade on May 30 after the company received a repeat order from NTPC Renewable Energy.

Inox Wind has bagged an order for a 150MW wind power project from NTPC Renewable Energy Limited, a wholly owned subsidiary of NTPC Green Energy Limited, which is the RE business vertical of NTPC Limited.

The project shall be executed in Gujarat. With this, the total orders from NTPC stands at 550MW awarded till date to Inox Wind.

In the previous trading session, the share closed up 14.68 percent or Rs 17.15 at Rs 134.

“As part of the order, Inox Wind will supply and install existing and new technology wind turbine generators. Additionally, as part of the agreement, Inox Wind will be responsible for operation and maintenance (O&M) services for the project. This addition will contribute to the expansion of Inox Wind’s O&M fleet, enhancing overall profitability,” said Kailash Tarachandani, CEO of Inox Wind.

As a provider of comprehensive solutions across the wind power value chain, Inox Wind has a substantial order book, making it a key player in the industry. The company’s latest order further strengthens its position and supports its commitment to India’s renewable energy agenda, the company said in a release.

In the quarter ended March 2023, the company posted net sales of Rs 192.77 crore, up 40.3 perfcent from Rs 137.40 crore last year. Its quarterly net loss was at Rs 117.52 crore, down from Rs 255.65 crore in March 2022.

At 9:30am, Inox Wind was quoting at Rs 140.70, up Rs 6.70, or 5.00 percent, on the BSE.