Inox Wind Q2 Results Preview - Stable Execution But Realisations Likely To Improve: Systematix

Systematix Research Report

We estimate Inox Wind Ltd.’s Q2 FY25 consolidated revenue of Rs 7.6 billion (+106% YoY, +20% QoQ), driven by better realisations with improving deliveries of 3MW wind turbine generator sets.

We estimate Q2 FY25 execution of 140 MW, growth of 82% YoY and flat sequentially. Consolidated Ebitda (excluding other income) is expected to reach Rs 1.4 billion during the quarter, up 6% QoQ and 198% YoY.

Our FY25 annual execution estimate of 800MW aligns with the company’s guidance. We anticipate improved execution and commissioning in 2HFY25 after a slower H1 due to election impact in Q1 followed by seasonality due to a strong monsoon quarter.

We estimate interest costs to drop by 25% YoY and 17% QoQ this quarter, resulting in a net profit after tax (excluding minority interest) of Rs 751 million (+64% QoQ).

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