Wind energy solutions provider Inox Wind reported a profit after tax of ₹376.7 million (~$4.51 million) for the fourth quarter (Q4) of the financial year (FY) 2024 from a loss of ₹1.15 billion (~$13.77 million) in the same quarter of the previous year.

The company’s quarterly income reached ₹5.63 billion (~$67.43 million), a 190% increase year-over-year (YoY).

Inox Wind’s consolidated Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) stood at ₹1.4 billion (~$16.76 million), an improvement from an EBITDA loss of ₹250 million (~$2.99 million) in Q3 of the previous year.

The company executed 129 MW of projects during the quarter, an increase of 148% YoY from 52 MW.

“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 decreased 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, 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,” said Kailash Tarachandani, CEO of Inox Wind.

Inox Wind’s order book includes 2.7 GW of projects, including 1,903 MW  from commercial and industrial and captive segments, 669 MW from state and central public sector undertakings, and 84 MW from retail customers.

Full Year 2024

Inox Wind’s net loss narrowed to ₹507.9 million (~$6.08 million) in FY 2024 from a net loss of ₹6.97 billion (~$83.47 million) in the previous year.

The company’s annual income rose to ₹17.9 billion (~$214.38 million), up 139% YoY.

Inox’s consolidated EBITDA for FY 2024 was ₹3.44 billion (~$41.19 million), as against an EBITDA loss of ₹2.42 billion (~$28.98 million) in Q3 FY2023.

The company executed projects with a total capacity of 376 MW, a 262% increase from the 104 MW executed the previous year.

Last November, Inox Wind raised around ₹8 billion (~ $96.93 million) by selling its equity shares, advancing toward a debt-free status. These funds were to settle IWEL’s external debt under INOXGFL Group’s strategy to reduce Inox Wind’s debt and fortify the company’s financial position.

In August 2023, Inox Wind raised ₹5 billion (~$60 million) through an equity share sale from its main promoter and affiliated group entities, using the funds to settle advances from Gujarat Fluorochemicals and boost wind power capacity.