Inox Wind Q1 Results Review – Improved Execution, Margins Sets Stage For Strong Growth: Axis Securities

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Axis Securities Report

Inox Wind Ltd. reported strong results with Ebitda and profit after tax exceeding both our and consensus estimates. Revenue increased to Rs. 639 crore (up 83% YoY and 21% QoQ), driven by higher execution of 140 MW. However, it missed both our and consensus estimates by approximately 10%.

Commissioning revenue for 110 MW was delayed, impacting the miss and resulting in a lower realisation of Rs. 4.6 crore/MW, compared to the guidance of Rs. 6 crore/MW. The commissioning revenue for the 110 MW would have added an additional Rs 150-160 crore, leading to a realization of Rs. 6 crore/MW in line with the guidance.

Ebitda grew to Rs. 136 crore (up 334% YoY and 33% QoQ), representing a 30% beat against our estimate and 23% against consensus. PAT increased to Rs 50 crore (up 37% YoY and 4% QoQ), beating our estimate by 4% and consensus by 16%.

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Inox Wind’s Current Order Book Can Bring In Rs 17,000-Crore Revenue

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