Inox Wind Ltd shares surged 7.98% today, reaching a fresh 52-week high following the company's strong Q1 earnings report. The current market price of Inox Wind shares on BSE is Rs 198.05 each. Over the past year, Inox Wind shares have delivered an impressive return of 281%, with a 46% gain in the last three months. The company's market capitalization stands at Rs 25,352.27 crore.
Inox Wind Q1 Highlights:
- Profit After Tax (PAT): The company reported a PAT of Rs 50 crore for the quarter ended June 2024, a significant turnaround from a loss of Rs 65 crore in the same quarter last year.
- Revenue: Total revenue for the June 2024 quarter was Rs 651 crore, up 85% from Rs 352 crore in the corresponding quarter of the previous year.
- Consolidated EBITDA: EBITDA soared to Rs 157 crore for the quarter, compared to Rs 35 crore in the same quarter last year.
Looking ahead, the management expects increased order execution starting from FY25, with guidance of 800 MW and 1,200 MW for FY25 and FY26, respectively, and aims for an annual execution target of 2 GW in the medium term.
Investment Recommendation:
Axis Securities, a leading brokerage firm, has issued a buy recommendation for Inox Wind shares with a target price of Rs 205. The firm highlighted the company's capability and supply chain readiness for higher MW executions. The annual capex guidance for FY25/26 remains at Rs 50-75 crore, with a full-year working capital cycle of 90 days.
