Wind energy solutions provider Inox Wind (IWL) reported a profit of ₹900 million (~$10.7 million) in the second quarter (Q2) of the financial year (FY) 2024-25, up from a loss of ₹270 million (~$3.21 million) in Q2 FY24.

The company saw the most robust Q2 financial performance in eight years.

The company’s revenue grew 93% year-over-year (YoY) to ₹7.42 billion (~$88.24 million) in Q2 FY25 from ₹3.84 billion (~$45.66 million).

The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) also rose 171% YoY to ₹1.89 billion (~$22.47 million) in Q2 FY25 from ₹700 million (~$8.32 million).

The company’s wind installations increased by 82% YoY to 140 MW in Q2 FY25 from 77 MW.

1H results

In the first half of FY25, the company reported a rise in income to ₹13.92 billion (~$165.54 million) from ₹7.29 billion (~$86.69 million) in the same period the previous year.

Its net profit climbed to ₹1.37 billion (~$16.29 million) from a loss of ₹923.8 million (~$10.98 million) in FY24 .

The company’s EBITDA jumped to ₹3.46 billion (~$41.14 million) from ₹1.05 billion (~$12.48 million) in FY24.

The company’s order book increased 161% YoY to ~ 3.3 GW and comprises a mix of PSU, IPP, C&I, and retail customers.

In 1H FY25, IWL secured orders totaling ~ 1.2 GW across multiple customers and is negotiating for multiple additional orders as it targets 2 GW of execution in FY27.

The company’s subsidiary, Resco Global raised ₹3.5 billion (~$41.62 million) in equity capital from marquee investors. Expanding beyond EPC, the company is purchasing cranes for captive and third-party requirements.

Inox Wind signed a consortium agreement with banks for ₹22 billion (~$261.64 million) facilities, largely non-fund based (bank guarantees and letters of credit), sanctioned on the financial strength of its balance sheet without any group support.

In September 2024, IGREL Renewables, a renewable power generation platform of the INOXGFL Group, raised ₹3 billion (~$35.8 million) in equity capital from prominent investors.

In May 2024, IWL raised around ₹9 billion (~$108.05 million) through the sale of equity shares of Inox Wind via block deals on the stock exchanges.