Mumbai, January 31, 2025 – Inox Wind Energy Limited (IWEL) (NSE: IWEL, BSE: 543297) released its unaudited financial results for the quarter and nine months ending December 31, 2024, highlighting key financial and strategic developments. The company also announced the resignation of its Chief Financial Officer (CFO), Shri Shivam Tandon, in anticipation of the final stages of its merger with Inox Wind Limited.
Key Financial Highlights (Standalone)
(Figures in ₹ Lakhs unless stated otherwise)| Particulars | Q3 FY25 (Unaudited) | Q2 FY25 (Unaudited) | Q3 FY24 (Unaudited) | 9M FY25 (Unaudited) | 9M FY24 (Unaudited) |
|---|---|---|---|---|---|
| Revenue from Operations | 315 | 335 | 495 | 1,354 | 900 |
| Total Income | 321 | 335 | 495 | 1,412 | 900 |
| EBITDA | (426) | - | - | - | - |
| Profit/(Loss) Before Tax | 184 | 159 | 5 | 575 | - |
| Net Profit/(Loss) After Tax | (66) | 57 | 7 | 575 | - |
| Total Comprehensive Income | (57) | - | - | - | - |
Key Financial Highlights (Consolidated)
(Figures in ₹ Lakhs unless stated otherwise)| Particulars | Q3 FY25 (Unaudited) | Q2 FY25 (Unaudited) | Q3 FY24 (Unaudited) | 9M FY25 (Unaudited) | 9M FY24 (Unaudited) |
|---|---|---|---|---|---|
| Revenue from Operations | 1,74,630 | 91,204 | 73,301 | 2,39,317 | 1,24,194 |
| Total Income | 1,91,204 | - | - | - | - |
| Total Expenses | 1,78,928 | 65,593 | 47,969 | 2,04,827 | 1,32,296 |
| Profit/(Loss) Before Tax | 20,546 | - | - | 33,144 | - |
| Net Profit/(Loss) After Tax | 12,506 | 7,993 | 8,040 | 23,447 | 8,398 |
| Total Comprehensive Income | 12,411 | - | - | 23,599 | - |
Key Business Developments
- CFO Resignation in Light of Merger Progress
- Shri Shivam Tandon, CFO of IWEL, has resigned effective January 31, 2025, as the company prepares for its merger with Inox Wind Limited (IWL).
- The merger, which is in its final approval stages with the Hon’ble NCLT, Chandigarh Bench, will result in IWEL ceasing to exist.
- Post-merger, Shri Tandon has been proposed as the CFO of IWL, pending board approval.
- Pending Litigation Matters
- The company has ongoing cases in appellate authorities and expects no material financial impact from pending litigation.
- Core Investment Company (CIC) Status
- Based on its financial position, IWEL qualifies as a Core Investment Company (CIC) as per regulatory guidelines.
- Sale of Inox Wind Limited Equity Shares
- IWEL sold 4.60% of its equity stake in Inox Wind Limited for ₹90,447 Lakhs in Q1 FY25 but retains control over IWL.
- Amalgamation & Share Swap Ratio
- The approved merger will follow a swap ratio of 632 equity shares of Inox Wind Limited for every 10 shares of IWEL.
- Regulatory bodies BSE and NSE have issued no-objection letters, and the scheme was approved by shareholders in June 2024.
- Operational & Financial Adjustments
- The company has ₹21,792 Lakhs in work-in-progress inventory across multiple wind energy projects.
- Several wholly owned subsidiaries were restructured or divested to optimize group operations.
Management Commentary
Kallol Chakraborty, Whole-Time Director of Inox Wind Energy Limited, stated:"The quarter reflects a steady revenue performance and operational resilience. Our merger with Inox Wind Limited is a significant milestone, expected to enhance synergies and create a stronger entity in the renewable energy space. We express our gratitude to Mr. Shivam Tandon for his invaluable contributions and look forward to his continued leadership within the merged organization."
Strategic Outlook
- The completion of the IWEL-IWL merger is anticipated to create a more consolidated and streamlined operational framework.
- The pending litigation and regulatory matters are being monitored, with no expected material financial impact.
- The divestment of certain subsidiaries aligns with IWEL’s restructuring strategy to enhance focus on core business areas.