Inox Wind’s share price saw a slight uptick in early trading on November 12, following the announcement of a repeat turnkey order for 87 MW from Continuum Green Energy. This order for the company’s 3 MW class wind turbine generators (WTGs) has further bolstered the company’s order book. At 09:19 AM, Inox Wind shares were trading at ₹205.55, reflecting an increase of ₹0.85 or 0.42% on the Bombay Stock Exchange (BSE).
Investors looking to buy shares online may see this development as a positive sign for the company's future prospects.
Turnkey order to be executed in Gujarat and Rajasthan
The latest order from Continuum Green Energy will be carried out on a turnkey basis across the states of Gujarat and Rajasthan. This encompasses both the supply and installation of the wind turbines and post-commissioning services. Inox Wind will also provide multi-year operations and maintenance (O&M) services following the commissioning of the turbines.
The contract further strengthens Inox Wind’s position in the renewable energy sector, which continues to see robust growth and demand for wind energy solutions.
Significant growth in order book and future prospects
This 87 MW order contributes to a significant milestone for Inox Wind. The company now has a cumulative order from Continuum Green Energy approaching 700 MW. Additionally, Inox Wind’s total orderbook has surpassed 3.4 GW, marking its highest-ever level in the company’s history.
This surge in orders indicates a strong demand for Inox Wind’s solutions. Major developers are increasingly adopting hybrid, round-the-clock, and firmed dispatchable renewable energy (FDRE) solutions, which include a high proportion of wind power.
Strong demand for wind energy solutions
Kailash Tarachandani, Group CEO of Inox Wind, expressed his excitement about the latest order, stating that the company is pleased to continue its strong partnership with Continuum Green Energy. He highlighted the company’s state-of-the-art 3 MW turbines and exceptional turnkey wind capabilities as being highly favoured by project developers. The demand for wind energy solutions is growing, with developers focusing on hybrid energy solutions, where wind power plays a central role.
Financial performance and future outlook
Inox Wind also reported impressive financial results for the quarter ending September 2024. The company recorded a 161% increase in its net profit, amounting to ₹25.67 crore, up from ₹41.92 crore in the same period last year. This strong financial performance, coupled with a record-breaking order book, positions Inox Wind as a leading player in the wind energy sector. Analysts remain optimistic about the company’s growth trajectory, especially as the demand for renewable energy continues to rise in India.
Inox Wind’s recent order win reflects the growing demand for wind energy solutions and the company's solid reputation in the industry. Given the company's strong financials and record order book, this may be an opportune time for investors considering an entry into the renewable energy market to buy shares online.
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