Inox Green Energy Services Ltd (IGESL) Received An LoA From NLC India For Wind Turbine Restoration

About LoA

Inox Green Energy Services Ltd (IGESL), a frontrunner in India’s wind power operations and maintenance (O&M) sector, has secured another significant project. Its subsidiary, I-Fox Windtechnik India Private Limited (I-Fox), has received a Letter of Award (LoA) from NLC India Ltd. (NLCIL) for the restoration of 33 wind turbine generators (WTGs) in Tamil Nadu.

This project signifies a continuation of the successful partnership between IGESL and NLC India. Last year, I-Fox secured a contract for comprehensive O&M services for NLCIL’s 51 MW wind farm.

The current restoration project involves the supply of materials and spares, along with other restoration activities for the 33 WTGs, each with a capacity of 1.5 MW. The project will be completed within a period of 8 months, generating a revenue of approximately Rs 39.5 crore (inclusive of taxes) for IGESL.

Commenting on the development, Mr. SK Mathu Sudhana, CEO of IGESL, expressed delight at securing another order from NLC India. He highlighted this as a testament to the company’s diversified service offerings and its established capabilities. He further emphasized that this project marks a crucial milestone in the growth journey of both IGESL and I-Fox Windtechnik, demonstrating their progress toward achieving their targets.

Share Price Movement

Inox Green Energy Services Ltd (INOXGREEN) is currently trading at Rs 122.40 per share, with no change from the previous closing price. This stability follows a trading day where the stock reached a high of Rs 124.30 and a low of Rs 122.40. The 52-week range for the stock sits between Rs 149.50 (high) and Rs 38.50 (low).

Inox Green has a current market capitalization of approximately Rs 3,582 crore. The stock falls under the “T group” for settlement, meaning trades are settled one business day after execution (T+1). It’s also included in the S&P BSE SmallCap index.

About Company

Inox Green Energy Services Limited, with a fleet size of more than 3.2 GW, is one of the leading wind power operations and maintenance (“O&M”) service providers in India. Offering long-term O&M services for wind projects is the company’s line of business. It is a division of Inox Wind Limited and a member of the INOXGFL Group, enjoying a synergistic connection with the latter. It has a solid track record as well as a broad and robust current portfolio. Long-term O&M contracts provide steady financial flows for the company. Various retail clients, PSUs, and some of the biggest IPPs are among its clientele.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet, and is subject to changes. Please consult an expert before making related decisions.