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Power 20:20 | August 2015

Best selling power equipment company (renewable energy) - Inox Wind Limited

Inox Wind Ltd (IWL), incorporated in 2009 and a part of the Inox Group, is a leading manufacturer of wind turbine generators (WTGs) in India. The company also provides turnkey solutions, and operation and maintenance (O&M) services for wind power projects.

Currently, IWL has an installed capacity of 550 nacelles and hubs at Una, Himachal Pradesh, 400 rotor blade sets, and a capacity of 300 towers at Rohika in Ahmedabad, Gujarat.

The company is setting up a new integrated capacity of 400 nacelles and hubs, 400 rotor blade sets, and 300 towers at Barwani, Madhya Pradesh. This would take their total nacelles and hub capacity to 950 units, rotor blades capacity to 800 sets and tower capacity to 600 units.

Key successful factors:
Strong order book

IWL has delivered strong volume growth of 75.2 per cent during FY2015, wherein it sold 578 MW of WTGs as against 330 MW in FY2014.
It has received orders worth 124 MW during the quarter and its order book as of FY2015 stands at 1,178MW, with execution period of 12-15 months.
IWL┬┤s current order book is in excess of 1,400 MW, providing strong revenue visibility for FY2016.

Healthy project sites
The company also has project sites worth in excess of 4,400 MW, which have been acquired or are under various stages of acquisition.
Currently the wind sites acquired have an aggregate capacity of 2,090 MW, while those under acquisition process have project capacity of 2,300 MW. These are located in Rajasthan, Gujarat, Madhya Pradesh, Andhra Pradesh and Maharashtra and will provide healthy revenue visibility for IWL in the next few years.

Capacity expansion
IWL has expanded its rotor blade capacity to 400 sets from 256 sets, while tower capacity has been expanded to 300 towers from 150 towers during FY2015 at its Rohika unit, Gujarat. It is setting up a greenfield plant in Barwani, Madhya Pradesh, which would be an integrated facility having capacity of 400 nacelles and hubs, 400 sets of rotor blades, and 300 towers.

The rotor blades capacity will commence production during 2QFY2016, while tower plant will be commissioned during 2HFY2016. After expansion, the total capacity will be 950 Nacelles and Hubs, 800 sets of rotor blade, and 600 towers.

Government focus towards RE
GoI has set a target of installed wind power capacity of 60,000 MW, to be attained by FY2022, from the current capacity of ~23,500 MW. This creates a huge opportunity for the company in the upcoming period and it is expected that the order inflow will increase at a faster pace in the next few years. Analysts estimate industry order flow of 5,000-6,000 MW p.a. as against the current addition of 2,000 MW p.a. The government has provided various incentives and framed several rules and regulations to increase demand for renewable energy.

Key financial parameters FY 2014-15 FY 2013-14
Income Rs. 2,710 cr Rs. 1,567 cr
Expenditure Rs. 2,253 cr Rs. 1,391 cr
Operating profit NA NA
Interest Rs. 62 cr Rs. 46 cr
Depreciation Rs. 20 cr Rs. 12 cr
PAT Rs. 296 cr Rs. 132 cr
EPS Rs. 13.4 Rs. 6.6

Visibility of project pipeline
States Acquired wind sites (MW) Wind sites under
acquisition process
Total (MW)
Rajasthan 1,355 1,194 2,549
Gujarat 430 164 594
Madhya Pradesh 285 634 919
Andhra Pradesh 20 20 40
Maharashtra 0 300 300
Total 2,090 2,312 4,402
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