Inox Wind’s Q3 Net Loss Widens to ₹2.8 Billion

The company recorded revenue of ₹2.3 billion, an increase of 48.6% YoY


Wind energy solutions provider Inox Wind’s loss widened to ₹2.8 billion (~$34.7 million) for the third quarter (Q3) of the financial year (FY) 2023, as against ₹639.5 million (~$7.7 million) year-over-year (YoY).

The increase in net loss was attributable to the higher finance costs and other expenses.

Inox Wind’s other expenses during the quarter spiked to ₹1.95 billion (~$23.5 million), an increase of 254% YoY. In November 2022, Inox Wind repaid debts of ₹1.61 billion (~$19.46 million) as part of the strategic initiative to deleverage their balance sheets.

For the October-December quarter, the company’s financial cost rose 37% YoY to ₹943.4 million (~$11.4 million). Erection, procurement, and commissioning costs accounted for another ₹455 million (~$5.5 million), which also recorded an increase of 26.2% YoY compared to ₹360.4 million (~$4.3 million) in Q3 2022.

The company’s revenue during the quarter came in at ₹2.3 billion (~$27.6 million), an increase of 23% YoY. The company said the increase in revenue was on account of higher supplies.

The company’s Earnings before Interest, Tax, Depreciation, and Amortization in Q3 fell to a negative ₹1.7 billion (~$ 20.7 million), compared to ₹18.8 million (~$226,984) during Q3 2022.

Significant Developments during Q3 2022

Inox Wind completed the IPO of Inox Green Energy Services (IGESL) and raised ₹7.5 billion (~$90.5 million) in November 2022 to monetize O&M assets.

IGESL entered into third-party O&M services by signing a definitive investment agreement for acquiring a 51% stake in Ifox Windtechnik India, adding over 230 MW of O&M business to its portfolio.

In December 2022, the promoters infused ₹6.2 billion (~$75.34 million) into the company to clear its debts. This resulted in reduced debt in the wind business and the group company.

Other strategies the company uses to reduce debts include a reduction in interest-bearing liabilities to over ₹11 billion (~$132.7 million), including ₹3.3 billion (~$39.8 million) in IGESL.

9M FY 2022

Inox Wind, for the first nine months (9M) of the year in FY 2023, recorded a loss of ₹5.5 billion (~$66.4 million), compared to ₹1.7 billion (~$20.5 million) in the previous financial year.

The company’s total revenue stood at ₹5.5 billion (~$67 million), an increase of 5.7% YoY from ₹5.2 billion (~$63.2 million) during the same period in 2021.

The company’s EBITDA turned negative at ₹2.1 billion (~$ 25.3 million) during the period, compared with ₹94.5 million (~$1.1 million) in 9M FY22.

The company currently has a net order of 1178.7 MW to be delivered, of which SECI and NTPC orders account for 350 MW each, Orders from Adani total 501.6 MW, and retail and other orders 29.1 MW.

The company expects the order book to translate into revenues of ₹64 billion (~$773.6 million) over the next 24 months.

The company said the prototype of its new 3.3 MW wind turbine generator, launched in September 2022, has performed well during Q3 and expects the deliveries to commence soon.

The company plans to further its existing fleet of O&M projects of 3 GW and more profits through renewed O&M pricing. It also expects to add more business by acquiring O&M capacity from inactive O&M players, distressed OEMs, or non-OEM aggregators, who are primarily unorganized and financially weak.

Given the rise in demand from the commercial and industrial segment and group captive projects, increased participation from public sector undertakings in wind tenders, and the government’s push through favorable policy announcements, the company expects the wind tariff to stabilize, boosting wind adoption in the country.


Gautamee Hazarika


Mercom Research Focus
India Installs a Record 2.5 GW of Solar Open Access in 2022, Up 92% YoY

India added 2.5 GW of solar open access in the calendar year (CY) 2022, a year-over-year (YoY) increase of 92% from the 1.3 GW installed in CY 2021, according to the newly released 2022 Q4 & Annual Mercom India Solar Open Acce...

March 15, 2023


Kerala Issues Empanelment Tender for 100 MW of Solar Projects

The Kerala State Electricity Board (KSEB) has invited bids to empanel solar developers to set up 100 MW of grid-connected rooftop and ground-mounted projects. Empanelled vendors also must furnish operation and maintenance (O&M...

March 20, 2023

Tenders and Auctions

Gujarat Invites Bids to Procure 500 MW of Wind Power with Greenshoe Option

Gujarat Urja Vikas Nigam (GUVNL) has invited bids to procure power from 500 MW of grid-connected wind projects (Phase V) with a greenshoe option of an additional capacity of up to 500 MW. The last day to submit the bids online is ...

March 17, 2023


MSMEs Adopt Solar Readily If Savings on Power Bills Cover EMI Cost: Interview

Small businesses are open to adopting rooftop solar if loan repayment is not an additional burden and is equal to their savings on electricity bills. Entities in the commercial and industrial (C&I) segment are increasingly mov...

March 17, 2023



Mercom Cleantech Magazine

Get Your Copy Today!


Latest News

Maharashtra Approves Tariffs for 8.7 MW of Solar Power Under KUSUM Program

The Maharashtra Electricity Regulatory Commission (MERC) has adopted tariffs of ₹3.28 (~$0.039)/kWh, ₹3.29 (~$0.039)/kWh, and ₹3.30 (~$0.040)/kWh for the procurement of 8.7 MW of solar power on a long-term basis. The Commission...

March 21, 2023

Brookfield to Aquire KKR’s 50% Stake in Renewable Developer X-Elio

Global investment firm Kohlberg Kravis Roberts (KKR) has agreed to sell 50% of its stake in renewable developer X-ELIO to its joint venture partner Brookfield Renewable. Financial details were not disclosed. Since KKR’s...

March 21, 2023

NTPC’s Subsidiary Will Develop Renewable Projects for IndianOil Refineries

NTPC Limited’s wholly owned subsidiary, NGEL, has entered into a joint venture agreement with Indian Oil Corporation (IOCL) to develop renewable energy projects that can meet round-the-clock power requirements to meet the...

March 21, 2023

Constant Climate-Centric Funding Can Limit Global Temperature Under 1.5°C 

Financial support from developed economies to developing nations which is a critical enabler of climate action has been inadequate, said scientists in the latest Intergovernmental Panel on Climate Change (IPCC) report...

March 21, 2023

India Voices Concern over Europe’s Carbon Tariff Measure at WTO

India has expressed concern about the carbon border measures proposed by the European Union (EU) at a recent meeting of the World Trade Organization’s (WTO) Committee on Trade and Environment. Presenting a paper on the increasing...

March 21, 2023

JSW and Greenko Win Karnataka’s Bid for 1 GW of Pumped Storage Projects

JSW Neo Energy (JSW Energy) and Greenko KA 01 IREP (Greenko) have won the Power Company of Karnataka’s (PCKL) auction to supply 1 GW of energy for 8 hours daily from pumped hydro storage projects providing continuous 5-hour...

March 21, 2023

Sterling and Wilson Bags BoS Package Tender for 1.2 GW Solar Projects

Sterling and Wilson Renewable Energy, the solar engineering, procurement, and construction (EPC) arm of Shapoorji Pallonji Group, won NTPC’s tender for the balance of system (BOS) package to develop 1.2 GW (4*300 MW) of solar...

March 21, 2023

Indian Oil Floats O&M Tender for 8 MW Solar Project in Ahmedabad

Indian Oil Corporation (IOCL) has invited bids for the operation and maintenance (O&M) of an existing 8 MW solar power project at the LPG bottling plant at Sanand in Ahmedabad for five years. The last date to submit the bids...

March 21, 2023

IIT Mandi Creates Low-Cost Method for Solar Cell Metal Oxide Layers

Researchers at the Indian Institute of Technology Mandi (IIT Mandi) have claimed a breakthrough in producing metal oxide layers for use in advanced architecture silicon solar cells using a cost-effective method. This innovative...

March 21, 2023

Government Allows NTPC to Invest Over 30% of Net Worth in its Green Arm

The government has allowed NTPC to invest in its subsidiary, NTPC Green Energy (NGEL), beyond the limit allowed for a ‘maharatna’ central public sector enterprise (CPSE). The extant guidelines prescribe a ceiling of 30% of a...

March 21, 2023