Inox Green Energy Services Ltd

Inox Green Energy Services Limited is one of the major wind power operation and maintenance (O&M) service providers in India. The company is engaged in the business of providing 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. The company has a stable annual income owing to the long-term O&M contracts that it enters into with its customers. The company is a subsidiary of Inox Wind Limited (IWL)which is listed on the National Stock Exchange of India Limited and BSE Limited, and is part of the Inox GFL group of companies (Inox GFL Group). The company's subsidiaries are engaged in the business of power generation through renewable sources of energy.

The company enjoys synergistic benefits as a subsidiary of IWL, which is principally engaged in the business of manufacturing WTGs and providing turnkey solutions by supplying WTGs and offering a variety of services including wind resource assessment, site acquisition, infrastructure development, EPC of WTGs, and, through the company, providing long-term O&M services for wind power projects. Pursuant to an exclusivity agreement with IWL, the company provides exclusive O&M services for all WTGs sold by IWL through the entry of long-term O&M contracts between the WTG purchaser and the company for terms that typically range between 5 to 20 years.

As of June 30, 2022, the company's O&M services portfolio consisted of an aggregate of 2,792 MW of wind farm capacity and 1,396 WTGs. Effective December 31, 2021, the company's EPC business was transferred to a different subsidiary of IWL.

As set out in the company's Restated Consolidated Financial Information, its total revenue (from the continuing operations i.e. O&M business) was Rs. 617.88 million, Rs. 1,721.66 million, Rs. 1,722.48 million and Rs. 1,653.15 million for the three months ended June 30, 2022, Fiscals 2022, 2021 and 2020, respectively. The company's profit/(loss) after tax from its continuing operations for each period was Rs. (115.84) million, Rs. (49.52) million, Rs. (277.29) million, and Rs. 16.76 million, respectively.