Inox Wind Q3 Results Review - Earnings Beat Driven By Better Execution: Systematix

Systematix Report

Inox Wind Ltd.'s Q3 FY24 revenue of Rs 5.0 billion (plus 123% YoY, plus 36% QoQ) was in line with our estimate. Ebitda (excluding other income) at Rs 928 million grew 92% QoQ (Ebitda loss of Rs 1.8 billion in Q3 FY23) and was 28% above our estimate due to lower costs and better execution of high margin 3 MW wind turbine generators which commenced supplies this quarter.

Ebitda margin for the quarter came in at 18.4% vs 13% in the previous quarter. Interest costs fell 34%/2% YoY/QoQ to Rs 627 million. Net interest-bearing debt now stands at around Rs 5 billion with the infusion of capital raised through promoter stake sales over the last six months.

Inox Wind turned profitable during the quarter with profit after tax reported at Rs 47 million (net loss of Rs 268 million and Rs 2.9 billion in Q2 FY24 and Q3 FY23, respectively) and cash PAT (PAT plus depreciation) at Rs 327 million. INXW executed 104 MW of orders during Q3 FY24 versus 77 MW in Q2 FY24.

Net order book stood at 2,575 MW excluding LOIs. On a standalone basis, revenue and Ebitda were reported at Rs 4.9 billion (plus 180%/plus 50% YoY/QoQ) and Rs 502 million (plus 337% QoQ), respectively.

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