Inox Green Energy Services has issued a regulatory clarification addressing recent media reports that incorrectly linked the company to a major renewable energy acquisition. The company responded to queries from both BSE and NSE regarding news coverage that appeared in the Economic Times.

Clarification on Media Reports

The company specifically addressed a news item titled "INOX Green to Acquire Macquarie's Renewable Platform Vibrant" that appeared in the Economic Times. Inox Green Energy Services stated that this report is factually incorrect in relation to their operations and business activities.

Actual Transaction Details

The company clarified that the transaction referenced in the media report actually pertains to INOX Clean Energy Limited, which is a separate entity within the INOX GFL Group. INOX Clean Energy Limited serves as the holding company for two distinct business segments under the group's renewable energy portfolio.

INOX Clean Energy Limited's Business Segments

• Renewable Power Generation: Operated under INOX Neo Energies Limited
• Solar Manufacturing: Solar module and cell manufacturing business under INOX Solar Limited

Corporate Structure and Independence

Inox Green Energy Services emphasized the independence between the two companies within the broader INOX GFL Group structure. The company made clear distinctions about their separate operational frameworks and financial structures.

Regulatory Compliance Statement

The company reaffirmed its commitment to maintaining transparency and regulatory compliance in all communications. Inox Green Energy Services confirmed that it remains dedicated to timely and accurate disclosure of all material information as per applicable regulations.

This clarification was issued and signed by Company Secretary Anup Kumar Jain, ensuring stakeholders have accurate information about the company's business activities and any potential market-moving developments.

Inox Wind , a leading player in the Indian wind energy sector, has reported a stellar performance for the second quarter, setting new benchmarks in its operational and financial metrics. The company's strategic initiatives and robust execution have positioned it for significant growth in the coming years.

Record-Breaking Q2 Performance

Inox Wind delivered exceptional results in Q2, with consolidated revenue soaring to Rs. 1,162.00 crores, marking a substantial 56% year-on-year increase. The company executed 202 MW during the quarter, bringing its total execution for the first half to 350 MW. This performance is particularly noteworthy given that Q2 is typically impacted by monsoons.

Financial Highlights

The company's financial performance for Q2 showcased remarkable growth across key metrics:

Strong Order Book and Future Outlook

Inox Wind boasts a robust and diversified order book exceeding 3.2 GW, providing strong visibility for future growth. The company is actively working on expanding its customer base and strengthening existing relationships. Management is in discussions with multiple customers, including the group's Independent Power Producer (IPP), to establish framework agreements that could secure over 1 GW of annual recurring orders.

Manufacturing Capacity Expansion

To support its growth trajectory, Inox Wind has expanded its manufacturing capabilities. The company's facilities, including the recently commissioned nacelle and hub unit at Kalyangarh, Gujarat, are operating at high utilization levels. Additionally, Inox Wind is establishing a new blade and tower manufacturing facility in South India to cater to projects in Karnataka, Andhra Pradesh, and Tamil Nadu.

Inox Green Energy Services: A Rising Star

Inox Green Energy Services , a subsidiary in which Inox Wind holds a 56% stake, reported impressive growth. Inox Green's total income for Q2 reached Rs. 129.50 crores, up 101% year-on-year. The company has expanded its renewable Operations and Maintenance (O&M) portfolio to 12.5 GW through strategic investments, positioning itself to become India's largest renewable O&M services company.

Industry Outlook and Government Initiatives

The Indian wind energy sector is poised for significant growth, with industry projections indicating annual installations of 5-6 GW in the current fiscal year, potentially increasing to 7-8 GW in the following year. Recent government initiatives, such as the reduction of GST on wind components from 12% to 5%, are expected to further boost the sector's growth.

Conclusion

Inox Wind's record-breaking performance in Q2, coupled with its strong order book and strategic initiatives, positions the company for sustained growth in the coming years. As India continues to push for renewable energy adoption, Inox Wind appears well-equipped to capitalize on the expanding opportunities in the wind energy sector.

Investors and industry observers will be keenly watching Inox Wind's execution in the second half, as the company aims to achieve its full-year guidance of 1,200 MW execution.