Inox Wind (INOXWIND) Q2 24/25 earnings summary

Executive summary

• Q2 FY2025 revenue rose 93% year-over-year to INR 742 crores (₹73,224 lakh), with EBITDA up 171% to INR 189 crores and profit after tax at INR 90 crores, reversing a loss last year.

• Achieved the strongest quarterly financial performance in 8 years, turning net cash as of September 2024, with operational cash flow positive in H1 FY2025.

• Order book reached a record 3.3 GW, with 1.2 GW added in FY2025 and execution ramped up to 140 MW in Q2 FY25.

• Subsidiary Resco Global raised Rs 350 crore equity capital for expansion and diversification.

• Net profit after tax for Q2 FY25 stood at ₹9,020 lakh, a significant turnaround from a loss of ₹2,684 lakh in Q2 FY24.

Financial highlights

• Revenue: INR 742 crores (₹73,224 lakh) in Q2 FY2025 vs INR 384 crores in Q2 FY2024 (93% YOY growth).

• EBITDA: INR 189 crores in Q2 FY2025 vs INR 70 crores in Q2 FY2024 (171% YOY growth).

• Profit after tax: INR 90 crores in Q2 FY2025 vs loss of INR 27 crores in Q2 FY2024.

• Cash profit: INR 138 crores in Q2 FY2025 vs INR 1 crore in Q2 FY2024.

• Net cash as of Sep'24 stood at Rs 278 crore.

Outlook and guidance

• Execution guidance for FY2025 maintained at 1,200 MW, targeting >1,200 MW in FY26 and >2 GW annual execution by FY27.

• EBITDA margin guidance upgraded from 15% to 17% for FY2025, with further improvement expected in FY2026.

• Royalty payments on 3 MW turbines to cease after FY2025, adding INR 600,000 per MW to profitability from FY2026.

• Tax rate expected to be nil for FY2025 and FY2026, rising to 25% in FY2027.

• Strong revenue visibility for the next 2-3 years supported by a large order book and pipeline.