Inox Wind Energy Q3 Results: Co posts ₹38.80 crore profit vs YoY loss | Stock Market News
Source: Live Mint
Inox Wind Energy Q3 Results: Inox Wind Energy on Friday reported an consolidated net profit (attributable to owners of the company) for the fiscal’s third quarter ended December (Q3FY25) to ₹38.80 crore. The company had reported a loss of ₹7.68 crore in the year-ago period. Sequentially, the net profit was up 51.1%. Inox Wind Energy shares ended 5% higher at ₹9,356 apiece on BSE.
Inox Wind Energy’s revenue from operations stood at ₹912.04 crores during the quarter ended December (Q3FY25) from ₹504.22 crore in Q3FY24, a year-on-year rise of 81%. Sequentially, the revenue was up by nearly 24.42%.
The company reported an EBITDA of ₹287.26 crore in the quarter ended December 2024.
Resignation
The company has announced the resignation of Shivam Tandon from his role as Chief Financial Officer and Key Managerial Personnel, effective at the close of business on January 31, 2025. In his resignation letter, Tandon indicated that his decision is related to the impending merger of Inox Wind Energy Limited with Inox Wind Limited, which is currently awaiting approval from the Hon’ble NCLT, Chandigarh Bench.
Following the merger, Inox Wind Energy will no longer exist, and Tandon has been proposed for the position of Chief Financial Officer at Inox Wind Limited, pending approval from its Board of Directors.
Additionally, the company disclosed in its filing that it has divested 4.60% of its equity shares in Inox Wind Limited (a subsidiary) for a total amount of ₹90,447 Lakhs during the first quarter. The company has maintained control over Inox Wind Ltd, as defined in Ind AS 110.
As stated on the company’s website, Inox Wind Energy Limited was established on March 6, 2020, under the Companies Act of 2013, with the aim of participating in the generation and sale of wind energy, offering services for the Erection, Procurement, and Commissioning (EPC) of wind farms, and maintaining strategic business interests in Renewable Energy.
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