Govt Enforces ‘Melt and Pour’ Rule for All Steel in Public Projects Nippon Steel expected to finalize U.S. Steel acquisition at $55 per share NMDC Limited reports a 38% drop in Q4 FY24 consolidated net profit RINL to Raise $23 Million Through Land Sales Amid Crisis
Inox Wind Ltd, a firm well-known for producing wind turbines, disclosed in its report that it has formed four wholly-owned subsidiaries to increase its capacity to build wind farms around the country.
The subsidiaries were "established as special purpose vehicle (SPV) companies to develop wind farms in various parts of India," according to the company. Companies added to its list include Junachay Wind Energy Private Limited, Dharvi Kalan Wind Energy Private Limited, Dangri Wind Energy Private Limited, and Kadodiya Wind Energy Private Limited.
The company informed that the four companies that were incorporated in the country have each paid a capital of ₹1,00,000 and are ready to begin operating the business.
The Noida-brd company is a subsidiary of the INOX Group. It produces wind turbine generators (WTGs) and offers services such as wind resource evaluation, site acquisition, infrastructure development, construction and commissioning, long-term operations, and maintenance for wind power projects. It was placed 167th on Business Today's 2015 list of India's 500 most valuable companies.
Last month, the company announced a consolidated profit of ₹36.72 crore for the March quarter of the current year, an increase in its income. According to the company's filing, it reported a net loss of ₹119.04 crore in the January-March quarter of the last fiscal year.
"Q4 has been a milestone quarter for the company as we successfully transitioned to 3 MW WTG supplies from 2 MW WTGs. Our EBITDA run rate in Q4 places us on a strong footing for FY25. Our debt levels have also come down drastically and we expect to be net debt-free within H1 FY25. The macro tailwinds are reflected in the strong order book, which stands at ~ 2.7 GW today. Our other initiatives, including ramping up operations and strengthening our balance sheet, coupled with our large order book, will translate into higher order execution from FY25 onwards, resulting in strong growth in profitability," Kailash Tarachandani, CEO of Inox Wind had said, commenting on the fourth quarter results.
The company's total income for the financial year 2024 increased to ₹563.03 crore from ₹193.83 crore a year ago.
Inox Wind Ltd secured the single largest wind project order of 1,500 MW from power utility CESC Limited during the quarter. The company also signed an agreement for the launch of 4.X MW wind turbines in India.
Also Read : KFIL restarts mini blast furnace operations at Hiriyur plant as market rebounds SC dismisses Vedanta's appeal against closure of Thoothukudi copper plant
Zinc prices on Friday fell 0.25% to ₹220.35 per kilogram in the futures trade as speculators reduced...
Non-Ferrous 02-Feb-2024
India is anticipated to become the world's third-largest market for utility-scale batteries by 2030,...
Business 30-Apr-2024
Vedanta Group's $894 million bond interest payment, which was due on February 9, was processed seven...
Large Corporate 26-Feb-2024
Tata Steel India reported a 6% increase in deliveries to 19.90 million tonnes in FY24, driven by inc...
Large Corporate 08-Apr-2024
Cargo traffic across the country's 12 major ports climbed by 3.75% year on year in May to 72.04 mill...
Logistics 04-Jun-2024
The European Union and India have been unable to reach a consensus at the World Trade Organization (...
Ferrous 18-Jun-2024