Inox Wind incorporates four subsidiaries to expand its capabilities in wind power across India
Jun 09, 2024
New Delhi [India], June 9 : Known for manufacturing wind turbines, Inox Wind Ltd has incorporated four wholly-owned subsidiaries to expand its capabilities to develop wind farms across the nation, the company informed in its filing on June 8.
The company said that the subsidiaries have been "established as special purpose vehicle (SPV) companies to develop wind farms in various parts of India."
Junachay Wind Energy Private Limited, Dharvi Kalan Wind Energy Private Limited, Dangri, Wind Energy Private Limited and Kadodiya Wind Energy Private Limited are the companies added to its list.
The company informed us that all four companies incorporated in the country have paid up capital of Rs 1,00,000 each and will begin their business operations. All the entities fall within the wind power industry.
The Noida-based company is a subsidiary of the INOX Group. It produces wind turbine generators (WTGs) and offers services such as wind resource evaluation, site acquisition, infrastructure development, construction and commissioning, long-term operations, and maintenance for wind power projects. It was placed 167th on Business Today's 2015 list of India's 500 most valuable companies.
Last month, the company announced a consolidated profit of Rs 36.72 crore for the March quarter of the current year, reporting an increase in its income.
It reported a net loss of Rs 119.04 crore in the January-March quarter of the last fiscal year, according to the company's filing.
"Q4 has been a milestone quarter for the company as we successfully transitioned to 3 MW WTG supplies from 2 MW WTGs. Our EBITDA run rate in Q4 places us on a strong footing for FY25. Our debt levels have also come down drastically and we expect to be net debt-free within H1 FY25. The macro tailwinds are reflected in the strong order book, which stands at ~ 2.7 GW today. Our other initiatives, including ramping up operations and strengthening our balance sheet, coupled with our large order book, will translate into higher order execution from FY25 onwards, resulting in strong growth in profitability," Kailash Tarachandani, CEO of Inox Wind had said, commenting on the fourth quarter results.
Company's total income for the financial year 2024 upped to Rs 563.03 crore from Rs 193.83 crore a year ago.
Inox Wind Ltd secured the single largest wind project order of 1,500 MW from power utility CESC Limited during the quarter. The company also signed an agreement for the launch of 4.X megawatt wind turbines in India.
