Buy Inox Wind, target price Rs 245: ICICI Securities

ICICI Securities has a buy call on Inox Wind with a target price of Rs 245. The current market price of Inox Wind is Rs 206.4. Inox Wind, incorporated in 2009, is a Small Cap company with a market cap of Rs 26854.24 crore, operating in the Power sector.

Inox Wind's key Products/Revenue Segments include Wind Turbine Generator, Sale of services and Other Operating Revenue for the year ending 31-Mar-2024.

Financials

For the quarter ended 30-09-2024, the company has reported a Consolidated Total Income of Rs 741.74 crore, up 14.02% from last quarter Total Income of Rs 650.52 crore and up 92.96% from last year same quarter Total Income of Rs 384.40 crore. The company has reported net profit after tax of Rs 90.20 Crore in latest quarter.

The company?s top management includes Ms.Bindu Saxena, Mr.Devansh Jain, Mr.Manoj Shambhu Dixit, Mr.Mukesh Manglik, Mr.Sanjeev Jain, Mr.Brij Mohan Bansal. Company has Dewan P N Chopra & Co. as its auditors. As on 30-09-2024, the company has a total of 130 Crore shares outstanding.

Investment Rationale
The INOXGFL group is spreading its wings beyond WTG (and related services) to become a forward-integrated comprehensive renewables player. The vision of the group is to be present across the value chain in India?s pursuit for energy transition. The group aims to leverage the solid foundation of Inox Wind to piece together the rest of the puzzle. ICICI Securities is maintaining a BUY at a target price of Rs 245.

Promoter/FII Holdings
Promoters held 48.27 per cent stake in the company as of 30-Sep-2024, while FIIs owned 15.82 per cent, DIIs 9.09 per cent.