India’s Inox Wind sees revenues rocket as ‘hard work starts to pay off’

Inox Wind has seen its revenues jump 85% and profits surge in its Q1 results, as the Indian wind turbine maker continues its post-pandemic revival on the back of a series of major orders.

Inox, part of the INOXGFL Group conglomerate, today announced what it said was the “best Q1 financial performance” in its history.

Its largest ever order book – 2.9GW, up 254% year on year – provides “huge revenue growth visibility,” said the OEM.

“The hard work of [the] last several years has started to yield results,” said Devansh Jain, executive director of INOXGFL Group.

“We are now on the runway ready for take-off on the massive growth journey ahead, buoyed by the strong macro tailwinds.”

Its consolidated revenue rose from 3.5bn rupees ($42m) in last year’s Q1 period, which runs from April to June in India, to 6.5bn rupees this year, an 85% jump.

Its consolidated earnings before interest, taxes, depreciation and amortisation (Ebitda) are up from 350m rupees year on year to 1.57bn rupees this last quarter – a 349% increase.

Inox Wind has also received a 9bn rupee cash injection from its parent entity, which Jain said has made the OEM “net cash positive” and strengthened its balance sheet to “capitalise on the multi-decadal opportunity in the Indian wind sector.”

Following the Indian market's revival from the pandemic, Inox has emerged as one of its three major turbine makers. China’s Envision is the dominant force, with a 40.6% market share of placed orders, with another local player, Suzlon, on 19.7% and Inox on 15%.

Inox’s recent revival has sent its share price soaring. It currently stands at 174 rupees, having cratered to 4 rupees during the pandemic.

Inox CEO Kailash Tarachandani said that with manufacturing capacities and supply chain now in place, and with a large, diversified order book, “we are looking at a massive scale up in operations.”