Inox Green Energy Services witnessed a 3 percent rise in its share price to Rs 69 during early trade on August 21, driven by the news that its subsidiary, I-Fox Windtechnik India Private Limited, secured a significant contract. The subsidiary received a Letter of Award (LoA) from a Navratna PSU of the Government of India, namely NLC India. This LoA pertains to the Operation and Maintenance (O&M) of 51MW Wind Turbine Generators (WTGs) located in Tamil Nadu.
The contract entails comprehensive O&M responsibilities, which encompass the management of a power evacuation system, for a period of five years. The agreement is projected to yield a revenue of Rs 40 crore (inclusive of taxes) over the contract's duration. This development marked a positive growth trajectory for Inox Green Energy, showcasing its ability to secure significant contracts and contribute to the renewable energy sector's growth.
Furthermore, CRISIL Ratings reaffirmed the company's bank facility ratings, including CRISIL BBB+ for long-term rating and CRISIL A2 for short-term rating, with a stable outlook. Additionally, CRISIL upgraded its ratings to 'CRISIL PPMLD AA+ (CE)/ Stable' on the Non-Convertible Debentures of the company, underlining its financial stability.
In the quarter ending June 2023, Inox Green Energy reported a net profit of Rs 2.62 crore, a noteworthy rebound from the loss of Rs 11.58 crore incurred in the corresponding quarter of the previous fiscal year. This turnaround is attributed to efficient operational strategies and increased revenue from operations, which rose by 3.38 percent to Rs 63.88 crore.
Inox Green Energy Services, a subsidiary of Inox Wind Limited, operates within the Inox GFL Group and focuses on offering long-term O&M services for wind projects. This recent contract win and the subsequent positive response in share prices demonstrate the company's commitment to the renewable energy sector and its capacity to enhance its operational portfolio.
