Inox Wind (INOXWIND) Q1 24/25 earnings summary

Executive summary

• Q1 FY25 marked the highest financial performance in company history, with consolidated revenue rising to INR 651 crore, EBITDA at INR 157 crore, and profit after tax at INR 50 crore, supported by a net cash positive position after a promoter infusion of INR 900 crore.

• Execution ramped up to 140 MW in Q1 FY25, up 112% YoY, with a robust order book exceeding 2.9 GW, providing strong revenue visibility.

• Strategic focus includes value unlocking through the EPC and O&M arms, hybridization of infrastructure, and prudent capital allocation for potential acquisitions.

• The group completed a settlement with a major customer, resolving outstanding balances and taking back uncommissioned WTGs.

Financial highlights

• Consolidated revenue for Q1 FY25 was INR 651 crore, up 85% YoY from INR 352 crore, with EBITDA at INR 157 crore, a 349% YoY increase.

• Profit after tax reached INR 50 crore, compared to a loss of INR 65 crore in Q1 FY24; cash profit was INR 92 crore.

• Execution of 140 MW in Q1 FY25, up from 66 MW YoY, and orderbook grew to 2,917 MW, up 254% YoY.

• Interest payments for the quarter were INR 58 crore, including a one-time charge of INR 12 crore, expected to become negligible going forward due to the net cash position.

• Standalone revenue for Q1 FY25 was ₹60,729 lakh, with a net profit of ₹7,019 lakh.

Outlook and guidance

• Execution guidance for FY25 remains at 800 MW, with upside potential for FY26 beyond 1,200 MW, and a long-term target of over 2 GW annual execution.

• EBITDA margin guidance for the full year is 16%-17%, with potential for improvement due to product mix and cost optimization.

• No tax expected to be paid in FY25 and FY26 due to accumulated losses and depreciation.

• CapEx for FY25 and FY26 is guided at INR 50-75 crore annually, mainly for molds, with minimal CapEx for new manufacturing facilities due to a lease model.

• Management expects realization of inventory and recovery of funds from SPVs as state wind farm policies are now announced.