Inox Green Energy Services (IGESL), on Friday, reported a consolidated net profit of ₹3.89 crore in the July-September quarter this fiscal year, against a net loss of ₹7.31 crore in the year-ago period.

However, the company reported a 40 per cent sequential drop in its net profit in Q2 FY24 from ₹6.48 crore in Q1 FY24.

IGESL’s consolidated total income during the September quarter was lower at ₹58.21 crore, against ₹58.32 crore in Q1 FY24 and ₹65.62 crore in Q2 FY23.

The company, a leading wind operations & maintenance (O&M) services player, has 3.2 gigawatts (GW) of assets under management with a presence across all the 8 windy states.

“Nani Virani 50 megawatt (MW) wind farm SPV – term sheet signed for 100 per cent divestment of the asset for a consideration of around Rs 290 crore. IGESL to become net debt-free and parent Inox Wind’s balance sheet to deleverage further, post completion of the transaction,” IGESL said.

Its subsidiary, I-Fox, won an order for comprehensive O&M of 51 MW wind turbine generators (WTGs) from NLC India for 5 years with total revenue realisation of Rs 40 crore (inclusive of taxes) during the contract period, it added.

The company expressed optimism on the growth trajectory of wind energy in the country. The government’s 50 GW of annual RE bids issued for FY24-28 period includes at least 10 GW of wind as part of the target to reach 500 GW of non-fossil fuel capacity by 2030.

Besides, the bidding trajectory for FY24 issued by the Ministry of New & Renewable Energy (MNRE) includes 10 GW of exclusive wind bids and 40GW of solar/ / RTC bids. The discontinuation of e-reverse bidding paves way for single-stage two-envelope closed bids to set up capacity across all 8 windy states.

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