Inox Green Energy Services Ltd

Inox Green Energy Services Ltd

₹ 130 -4.60%
21 Feb 4:13 p.m.
About

Incorporated in 2012, Inox Green Energy Services Limited is one of the major wind power operation and maintenance ("O&M") service providers within India. The company is a subsidiary of Inox Wind Limited ("IWL"), and part of the Inox GFL group of companies.[1]

Key Points

Business Area[1] The company provides long-term O&M services for wind farm projects, specifically the provision of O&M services for wind turbine generators (“WTGs”) and the common infrastructure facilities on the wind farm which support the evacuation of power from such WTGs. They have stable annual income owing to the long-term O&M contracts that they enter into with their customers.

  • Market Cap 3,821 Cr.
  • Current Price 130
  • High / Low 150 / 38.4
  • Stock P/E 640
  • Book Value 44.8
  • Dividend Yield 0.00 %
  • ROCE 0.79 %
  • ROE -3.82 %
  • Face Value 10.0

Pros

  • Company has reduced debt.
  • Debtor days have improved from 250 to 133 days.

Cons

  • Stock is trading at 2.89 times its book value
  • Company has low interest coverage ratio.
  • Company has a low return on equity of -19.9% over last 3 years.
  • Earnings include an other income of Rs.30.0 Cr.
  • Company's cost of borrowing seems high
  • Working capital days have increased from -52.1 days to 257 days

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
46.18 45.07 61.79 61.79 71.61 58.82 56.57 47.39 59.96
53.20 35.28 44.23 44.05 55.56 53.76 33.96 34.42 40.14
Operating Profit -7.02 9.79 17.56 17.74 16.05 5.06 22.61 12.97 19.82
OPM % -15.20% 21.72% 28.42% 28.71% 22.41% 8.60% 39.97% 27.37% 33.06%
-0.54 15.44 1.37 -0.68 16.33 18.02 0.31 13.20 -1.53
Interest 10.19 15.46 17.99 14.04 17.67 12.51 4.70 6.57 4.85
Depreciation 16.18 10.76 16.52 14.84 14.37 16.64 13.18 13.33 13.28
Profit before tax -33.93 -0.99 -15.58 -11.82 0.34 -6.07 5.04 6.27 0.16
Tax % 5.19% -97.98% 25.67% 30.54% -1,282.35% 73.48% 47.02% 8.13% 943.75%
-32.17 -1.96 -11.58 -8.21 4.70 -1.61 2.67 5.76 -1.35
EPS in Rs -1.37 -0.08 -0.49 -0.35 0.16 -0.02 0.08 0.20 -0.05
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
368 164 165 172 172 254 223
352 82 77 109 90 197 162
Operating Profit 15 82 88 63 82 57 60
OPM % 4% 50% 53% 37% 48% 23% 27%
-14 -68 -47 -112 -70 40 30
Interest 65 30 53 61 55 71 29
Depreciation 17 27 40 49 50 65 56
Profit before tax -80 -43 -51 -158 -93 -39 5
Tax % 29% -23% -2% 3% -0% 48%
-57 -53 -52 -154 -93 -20 5
EPS in Rs -11,328.00 -9.13 -4.52 -11.94 -3.97 -0.66 0.21
Dividend Payout % 0% 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years: %
5 Years: -7%
3 Years: 15%
TTM: -7%
Compounded Profit Growth
10 Years: %
5 Years: 2%
3 Years: 10%
TTM: 168%
Stock Price CAGR
10 Years: %
5 Years: %
3 Years: %
1 Year: 194%
Return on Equity
10 Years: %
5 Years: -26%
3 Years: -20%
Last Year: -4%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 0 57 116 129 235 292 294
Reserves 2 -8 -20 -86 572 835 1,023
956 1,154 1,085 1,411 904 595 211
551 698 1,158 1,239 410 433 538
Total Liabilities 1,509 1,902 2,340 2,693 2,121 2,155 2,066
500 512 776 765 953 1,095 781
CWIP 10 59 26 251 133 7 7
Investments 0 71 72 33 33 0 0
999 1,260 1,465 1,645 1,002 1,052 1,277
Total Assets 1,509 1,902 2,340 2,693 2,121 2,155 2,066

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
65 -41 362 49 141 -26
-168 -170 -306 -105 -153 -5
82 195 -52 174 -63 -10
Net Cash Flow -21 -17 3 117 -76 -42

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 242 410 552 473 144 133
Inventory Days 1,891 540 215
Days Payable 2,200 2,029 758
Cash Conversion Cycle -67 410 552 473 -1,344 -409
Working Capital Days -55 610 -404 -549 135 257
ROCE % 5% 4% 2% 3% 1%

Shareholding Pattern

Numbers in percentages

11 Recently
Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
56.04% 56.04% 56.04% 55.72% 55.72%
9.05% 9.67% 8.42% 8.33% 9.20%
6.29% 5.50% 4.09% 2.94% 2.84%
28.60% 28.79% 31.46% 33.01% 32.24%
No. of Shareholders 86,76585,20879,98383,29293,830

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

Click on the line-items to see the names of individual entities.

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