Inox Green Energy IPO - Loss Making Wind O&M Service Provider: Reliance Securities

Reliance Securities' IPO Report

Inox Green Energy Services Ltd. is one of the major wind power operation and maintenance service providers in India. The company is a subsidiary of Inox Wind Ltd., a listed entity and part of the Inox GFL group of companies. The company provides exclusive O&M services for all wind turbine generators sold by Inox Wind.

The company has a diversified customer base comprising of private companies, independent wind power producers, power utilities and government organizations in India, to whom Inox Green Energy provides wind farm O&M services.

During FY20-22, its revenue clocked only 4% compound annual growth rate to Rs 1.72 billion, while Ebitda declined from Rs 883 million in FY20 to Rs 822 million in FY22, and margin fell from 53.4% in FY20 to 47.7% in FY22. Its net loss has declined to Rs 50 million in FY22 from net loss of Rs 277 million in FY21.

The company is coming out with an initial public offering comprising fresh issue of ~56.9 million shares and offer for sale of ~56.9 million shares, aggregating a total of Rs 7.4 billion.

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