INOX WIND ENERGY 2023-24 Annual Report Analysis

Mon, 21 Oct

INOX WIND ENERGY has announced its results for the year ended March 2024. Let us have a look at the detailed performance review of the company during FY23-24.

INOX WIND ENERGY Income Statement Analysis

• Operating income during the year rose 139.2% on a year-on-year (YoY) basis.
• The company's operating profit was by NA YoY during the fiscal. Operating profit margins witnessed a growth and down at 0.3% in FY24 as against 36.8% in FY23.
• Depreciation charges increased by 15.8% and finance costs decreased by 26.6% YoY, respectively.
• Other income grew by 1378.4% YoY.
• Net profit for the year declined by NA YoY.
• Net profit margins during the year grew from 94.6% in FY23 to 5.1% in FY24.

INOX WIND ENERGY Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	7,299	17,463	139.2%
Other income	Rs m	213	3,148	1,378.4%
Total Revenues	Rs m	7,512	20,611	174.4%
Gross profit	Rs m	-2,687	-48	NA
Depreciation	Rs m	973	1,127	15.8%
Interest	Rs m	3,271	2,399	-26.6%
Profit before tax	Rs m	-6,718	-427	NA
Tax	Rs m	190	464	143.9%
Profit after tax	Rs m	-6,908	-891	NA
Gross profit margin	%	-36.8	-0.3
Effective tax rate	%	-2.8	-108.7
Net profit margin	%	-94.6	-5.1

Must See: These Segments are Witnessing Incredible Growth with Modi's Push

INOX WIND ENERGY Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 30 billion as compared to Rs 28 billion in FY23, thereby witnessing an increase of 7.2%.
• Long-term debt down at Rs 2 billion as compared to Rs 9 billion during FY23, a fall of 74.5%.
• Current assets fell 1% and stood at Rs 31 billion, while fixed assets rose 21% and stood at Rs 30 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 63 billion as against Rs 56 billion during FY23, thereby witnessing a growth of 14%.

INOX WIND ENERGY Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	10,385	18,523	78.4
Current Liabilities	Rs m	27,889	29,896	7.2
Long-term Debt	Rs m	8,876	2,266	-74.5
Total Liabilities	Rs m	55,808	63,365	13.5
Current assets	Rs m	31,048	30,684	-1.2
Fixed Assets	Rs m	24,760	29,881	20.7
Total Assets	Rs m	55,808	63,365	13.5

INOX WIND ENERGY Cash Flow Statement Analysis

• INOX WIND ENERGY's cash flow from operating activities (CFO) during FY24 stood at Rs -4 billion on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs 5 billion, an improvement of 88.5% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -1 billion on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs -102 million from the Rs -449 million net cash flows seen during FY23.

INOX WIND ENERGY Cash Flow Statement 2023-24

Particulars	No. of months	12	12	% Change
	Year Ending	Mar-23	Mar-24
Cash Flow from Operating Activities	Rs m	-11,028	-3,671	-
Cash Flow from Investing Activities	Rs m	2,580	4,863	88.5%
Cash Flow from Financing Activities	Rs m	7,999	-1,294	-
Net Cash Flow	Rs m	-449	-102	-

Current Valuations for INOX WIND ENERGY

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs -74.0, an improvement from the EPS of Rs -615.7 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 12,249.0, stands at 1,107.9 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 8.0 times, while the price to sales ratio stands at 8.5 times.
• The company's price to cash flow (P/CF) ratio stood at 212.9 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*
Sales per share (Unadj.)	Rs	650.6	1,449.2
TTM Earnings per share	Rs	-615.7	-74.0
Diluted earnings per share	Rs	-573.4	-74.0
Price to Cash Flow	x	-2.2	212.9
TTM P/E ratio	x	-2.0	1,107.9
Price / Book Value ratio	x	0.9	2.7
Market Cap	Rs m	9,347	50,199
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for INOX WIND ENERGY

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 1.0x during FY24, from 1.1x during FY23. The current ratio measures the company's ability to pay short-term and long-term obligations.

Interest Coverage Ratio: The company's interest coverage ratio improved and stood at 0.8x during FY24, from -1.1x during FY23. The interest coverage ratio of a company states how easily a company can pay its interest expense on outstanding debt. A higher ratio is preferable.

• Profitability Ratios

Return on Equity (ROE): The ROE for the company improved and stood at -4.8% during FY24, from -66.5% during FY24. The ROE measures the ability of a firm to generate profits from its shareholders capital in the company.

Return on Capital Employed (ROCE): The ROCE for the company improved and stood at 9.5% during FY24, from -17.9% during FY23. The ROCE measures the ability of a firm to generate profits from its total capital (shareholder capital plus debt capital) employed in the company.

Return on Assets (ROA): The ROA of the company improved and stood at 2.4% during FY24, from -6.5% during FY23. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*
Current ratio	x	1.1	1.0
Debtors’ Days	Days	4,136	2,377
Interest coverage	x	-1.1	0.8
Debt to equity ratio	x	0.9	0.1
Return on assets	%	-6.5	2.4
Return on equity	%	-66.5	-4.8
Return on capital employed	%	-17.9	9.5

To see how INOX WIND ENERGY has performed over the last 5 years, please visit here.

INOX WIND ENERGY Share Price Performance

Over the last one year, INOX WIND ENERGY share price has moved up from Rs 2,671.9 to Rs 12,249.0, registering a gain of Rs 9,577.1 or around 358.4%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 71,437.4 (down 0.5%). Over the last one year it has moved up from 47,213.1 to 71,437.4, a gain of 24,224 points (up 51.3%).

Overall, the S&P BSE SENSEX is up 21.9% over the year.

(To know more, check out historical annual results for INOX WIND ENERGY and quarterly results for INOX WIND ENERGY)