rWL: Nor: 35: 2016

02nd September, 2016

The Secretary
BSELimited
Phiroze Jeejeebhoy Towers Limited
Dalal Street, Mumbai 400001

The Secretary
National Stock Exchange Limited
Exchange Plaza
Bandra Kurla Complex
Bandra (E)
Mumbai 400 051
Scrip code: INOXWIND
Fax No 022-2659 8237/38

Scrip code: 539083

Fax No 022-22723121/2037/39/41/61

Sub Submission of Unaudited Standalone and Consolidated Financial Results of the

Companyfor the quarter ended 30th June, 2016
Ref: Regulation 33 read with Regulation
Requirements) Regulations, 2015

30

of SEBI (Listing Obligations and Disclosure

Dear Sir/Madam,
In terms of Regulation 33 read with Regulation 30 of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, we are enclosing Unaudited Standalone and Consolidated Financial
Results of the Company for the quarter ended 30th June, 2016 alongwith the Limited Review Reports,
which have been approved by the Board of Directors of the Company at their meeting held today i.e 2nd
September, 2016.
Please note that we will publish the Financial Results of the Company in the newspapers in terms of
Regulation 47 (1) (b) in the format prescribed by SEBI vide its Circular No. CIR/CFD/CMD/15/2015
dated
30th November, 2015 as modified by SEBIvide its Circular No. No. CIR/ CFD/ FAC/ 62/2016 dated
05
th July, 2016.
Thanking You,
Yoursfaithfully,
For Inox w~~ Limited

Encl.:as above

INOX WIND LIMITED, Plot No. 17, Sector 16 A, Noida-201 301, (U.P.), INDIA. Phone: +91-120-6149600, Fax: +91-120-6149619
Registered Office: Plot NO.1,Khasra No.264 to 267, Industrial Area, Viliage-Bas~l, Distt. Una-174 30~, (H.~.) INDIA. Tel: +91-7175-2 2001
CIN: L31901HP2009PLC031083, E-mail: contact@inoxwlnd.com, Web: www.lnoxwlnd.com

PATANKAR

Office No. 19 to 23, 4th floor, 'Gold Wings',

S.No. 1 18/A, Plot No.543, Sinhgad Road,

& ASSOCIATES

Parvati Nagar, Pune - 41 1030

Telefax: O2O - 24252117 I 242521 18

Chartered Accountants

email : sanjay@patankarassociates.com

LIMITED
REVIEW REPORT TO THE BOARD OF DIRECTORS OF INOX WIND

Results of Inox
We have reviewed the accompanying Statement of Standalone Unaudited Financial
wind Limited (the "company") for the quarter ended 3oth June, 2016 (the "statement"), attached
33 of the SEBI
herewith, being submitted by the Company pursuant to the requirements of Regulation
to the fact
(Listing Obligations and Disclosure Requirements) Regulations,2O!5. Attention is drawn
reconciliation of
that the figures for the corresponding quarter ended 30th June 2015, including the
profit under Ind AS of the corresponding quarter with profit reported under previous GAAP, as
Directors but have not
reported in these financial results have been approved by Company's Board of
been subjected to review.

the responsibility of the company's management and has been approved by the
this Statement based on
Board of Directors of the Company. Our responsibility is to issue a report on

This statement is

our review.
(SRE) 2410,
We conducted our review in accordance with the Standard on Review Engagement
,,Review of Interim Financial Information Performed by the Independent Auditor of the Entity"
that we plan and
issued by the Institute of chartered Accountants of India. This standard requires
perform the review to obtain moderate assurance as to whether the Statement is free of material
personnel and analytical
misstatements. A review is limited primarily to inquiries of the Company
procedures applied to financial data and thus provides less assurance than an audit. We have not

performed an audit and, accordingly, we do not express an audit opinion.

our review conducted as above, nothing has come to our attention that causes us to
Accounting
believe that the accompanying Statement prepared in accordance with applicable
read with Rule 7 of
Standards i.e. Ind AS prescribed under Section 133 of the Companies Act, 2013,
Based on

practices and policies has

the companies (Accounts) Rules, 2014, and other recognized accounting
the Securities
not disclosed the information required to be disclosed in terms of Regulation 33 of
Regulations,2Ol'5
and Exchange Board of India (Listing Obligations and Disclosure Requirements)
be disclosed, or that it
and SEBI circular dated 5th July, 2016 including the manner in which it is to
contains any material misstatement.
For Patankar & Associates

Chartered Accountants
Firm Registration No. tO7628W

(S S
Pa

Agrawal)

rtne r

Mem. No.049051
Pune

Date:

2nd

September, 201-6.

PATANKAR

Office No. 19 to 23, 4th floor, 'Gold Wings',

S.No. 1 18/A, Plot No.543, Sinhgad Road,

& ASSOCIATES

Parvati Nagar, Pune - 41 1030

Chartered Accountants

Telefax: O2O - 242521 17 | 242521 18

email : sanjay@patankarassociates.com

WIND LIMITED
REVIEW REPORT TO THE BOARD OF DIRECTORS OF INOX
Financial Results of Inox
we have reviewed the accompanying statement of consolidated unaudited
,,Company") and its subsidiaries (collectively referred to as the "Group") for the
Wind Limited (the
submitted by the
quarter ended 3Oth June, 2016 (the "statement") attached herewith, being
SEBI (Listing obligations and
company pursuant to the requirements of Regulation 33 of the
to the fact that the figures for the
Disclosure Requirements) Regulations, 2015. Attention is drawn

reconciliation of profit under Ind

corresponding quarter ended 3oth June 2015, including the

AS

of the

previous GAAP, as reported in these financial

corresponding quarter with profit reported under
but have not been subjected to review'
results have been approved by company's Board of Directors
by the
the responsibility of the company's manaSement and has been approved
a report on this statement based on
Board of Directors of the company. our responsibility is to issue

This statement is

our review.

Engagement (sRE)
conducted our review in accordance with the standard on Review
Independent Auditor of the Entity"
24L0,,,Review of Interim Financial Information Performed by the
standard requires that we plan and
issued by the Institute of chartered Accountants of India. This
Statement is free of material
oerform the review to obtain moderate assurance as to whether the
company personnel and analytical
misstatements. A review is limited primarily to inquiries of
than an audit' we have not
procedures applied to financial data and thus provide less assurance

we

performed an audit and accordingly we do not express an audit opinion.

causes us to
our review conducted as above, nothing has come to our attention that
with applicable Accounting
believe that the accompanying statement prepared in accordance
Act' 2013' read with Rule 7 of
Standards i.e. Ind AS prescribed under Section 133 of the Companies
practices and policies has
the companies (Accounts) Rules, 2014, and other recognized accounting
Regulation 33 of the Securities
not disclosed the information required to be disclosed in terms of
Based on

Requirements) Regulations, 201-5

and Exchange Board of India(Listing Obligations and Disclosure
any material misstatement'
including the manner in which it is to be disclosed, or that it contains
For Patankar & Associates
Chartered Accountants
Firm Registration No. 107628W

(S S Agrawal)

Partner

Mem. No.049051
Pune

Date: 2nd September ,20L6

IWL: NOI: 37: 2016

oa= September, 2016
The Secretary
BSE Limited
Phiroze Jeejeebhoy Towers Limited
Dalal Street, Mumbai 400001

Scrip code: 539083

Fax No 022-22723121/2037/39/41/61

The Secretary
National Stock Exchange Limited
Exchange Plaza
Bandra Kurla Complex
Bandra (E)
Mumbai 400 051
Scrip code: INOXWIND
Fax No 022-2659 8237/38

Dear Sir,
Sub: Investor presentation for the Quarter ended 30th June, 2016 as per Regulation 30 of the
Securities
and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations,
2015
Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements)
Regulations, 2015, please find attached the Investor's presentation for the Quarter ended 30th
June, 2016.
We request you to please take the above on record.
Yoursfaithfully,

Encl.: As Above

IN
IA Phone'
+91-120-6149600,
Fax: +91-120-6149610
OX WIND LIMITED, Plot No. 17, Sector 16 A, NOida-2~1301, (UV:PII),
INsDasa'l
Distt 'Una-174
303 (H.P.) INDIA.
Tel: +91-1975-272001
h
N 264 to 267 Industnal Area, I age,.
.'.
Registered Office : PlotCIN
No.1,
K
asrHap200'09PLC031083
E
-mail.contact@inoxwind.com.
Web:
www.inoxwind.com
: L31901
,.

INOX WIND LIMITED

Q1FY17 EARNINGS PRESENTATION

DISCLAIMER
This presentation and the following discussion may contain forward looking statements by Inox Wind Limited (IWL or the
Company) that are not historical in nature. These forward looking statements, which may include statements relating to
future state of affairs, results of operations, financial condition, business prospects, plans and objectives, are based on the
current beliefs, assumptions, expectations, estimates, and projections of the management of IWL about the business, industry
and markets in which IWL operates.

These statements are not guarantees of future performance, and are subject to known and unknown risks, uncertainties, and
other factors, some of which are beyond IWLs control and difficult to predict, that could cause actual results, performance or

achievements to differ materially from those in the forward looking statements.

Such statements are not, and should not be construed, as a representation as to future performance or achievements of IWL.
In particular, such statements should not be regarded as a projection of future performance of IWL. It should be noted that the
actual performance or achievements of IWL may vary significantly from such statements.

DISCUSSION SUMMARY
Q1FY17 OPERATIONAL HIGHLIGHTS
Q1FY17 RESULT ANALYSIS
WORKING CAPITAL
ORDER BOOK UPDATE

MANUFACTURING CAPACITY
PROJECT SITES
TECHNOLOGICAL ADVANCES
SECTOR UPDATE
SHAREHOLDING STRUCTURE
CONSOLIDATED FINANCIALS
3

OPERATIONAL HIGHLIGHTS
Production during the quarter Geared towards improving Working Capital Cycle
99 Blade Sets produced during the quarter (198 MW)
74 Towers produced during the quarter (148 MW)

20 Nacelles and Hubs produced during the quarter (40 MW)

As of Q1 end, significant Inventory Backlog cleared with higher production of blade sets and
towers

As of date, Entire Inventory Backlog has been cleared

Clearing of Inventory Backlog will lead to Significantly Improved

Working Capital Cycle

SALES & COMMISSIONING

Q1FY16 (MW)

Q1FY17 (MW)
198

148

140

120

120
78

48

40

Nacelles &
Hubs

Blades

Towers

Commissioning

Nacelles &
Hubs

Blades

Towers

Commissioning

Higher Production of Blade Sets and Towers in Q1FY17 has Cleared Inventory Backlog
Commissioning Activity to Pick Up Significantly in the Current Year with State Policies Announced

Q1 FY17 RESULT ANALYSIS

Q1 FY17 YoY ANALYSIS
EBITDA (Incl. OI**) AND EBITDA MARGIN

REVENUES*

EBITDA AND EBITDA MARGIN

PAT AND PAT MARGIN

643.9
17.5%

435.0

15.2%

14.5%
10.5%

9.4%

113.0
93.7

2.7%

60.4
66.3
41 %

32 %

51 %

45.7

80 %

11.8

Q1 FY16

Q1 FY17

Q1 FY16

EBIDTA

Q1 FY17

EBIDTA %

Q1 FY16

EBIDTA

Q1 FY17

EBIDTA %

Q1 FY16

PAT

Q1 FY17

PAT %

Higher Production of Blade Sets & Towers vis-a-vis Nacelles & Hubs led to lower realisations and margins Year on
Year. Henceforth, with synchronised component production, margins are expected to return to historical levels on a
full year basis
Note: * Revenue from Operations, ** OI = Other Income

In Rs. Cr

Q1 FY17 COST ANALYSIS

Q1 FY17

Q1 FY16

10.5%

14.5%

8.6%

17.6%

3.5%
2.9%

73.4%

69.0%

Q1 FY16
Raw Material and EPC Cost

Q1 FY17
Variable Cost

Fixed Cost

EBITDA Margin

WORKING CAPITAL ANALYSIS

MARCH 2016

JUNE 2015
96

107

182

Receivables Inventory
Days
Days

Payables
Days

Others

165

Net Working
Capital Days

148

40

Receivables Inventory
Days
Days

Particulars (Rs Cr)

Inventory
Receivables
Payables
Others
Net Working Capital

Enhanced manufacturing
capacity
Inventory backlog cleared,
only synchronised component
supply going ahead

Common infrastructure for

power evacuation in place
Reduced lag between
supply and commissioning

JUNE 2016

105

172

125

197

Payables
Days

82

Others

Net Working
Capital Days

June-15
495.2
1,573.2
615.7
52.3
1,400.4

Improved Payment Terms

with Customers. Majority of
new orders are backed by
Letters of Credit (LCs)

64
180

Receivables Inventory
Days
Days

March-16
541.6
2,414.3
1,177.8
137.3
1,640.8

Payables
Days

Others

Net Working
Capital Days

June-16
688.4
2,417.6
801.7
76.6
2,227.7

FURTHER IMPROVEMENT
EXPECTED IN COMING QUARTERS

Post Q1, The Inter Corporate Deposit of Rs. 278 crores given to a Group Company as of March 31, 2016 has been brought down by
Rs. NOTE:
200 crores,
earlier
expected
to be
reduced
by March
Net Working
Capital Days
= (Net Working
Capital
/ First Quarter
Sales) * 912017
8

ORDER BOOK UPDATE

Order Book Update

Total Order Book (MW)

Estimated Execution Period
Order Addition Q1 FY17 (MW)

MOVEMENT IN ORDER BOOK (MW)

30th June 2016

1,240

184

1,220

1,104

Jun-15

Mar-16

48
1,240

12 - 15 Months
184
Orders Addition Orders Execution
Q1 FY17
Q1 FY17

Jun-16

Significant Orders Closed post Q1

Key Highlights:
Continue to strengthen position and increase
market share across IPPs, PSUs, utilities,
corporates and retail customers
Maintaining momentum in tender marketOrders bagged from IOCL, PTC India & GIPCL

Diversified & Reputed Clientele

IPPs: Adani Enterprises, Sembcorp Green Infra, Atria, Tata Power, CESC,
Malpani Group , Renew Wind Energy, Ostro Energy amongst others
PSUs: IOCL, NHPC, RITES, GACL, GMDC, PTC Green Energy amongst others.

ALIGNMENT IN MANUFACTURING CAPACITY

CURRENT CAPACITY (MW)
Una,
Himachal
Pradesh

Rohika,
Gujarat

Barwani,
Madhya
Pradesh

Total

1,100

1,100

Blades

800

800

1,600

Towers

300

300

600

Plant Location

Nacelles & Hubs

With doubling of Blade manufacturing capacity to 1,600 MW and enhanced tower manufacturing
capacity, the production capacities of Nacelles, Hubs, Blades and Towers are now aligned
Tower Manufacturing can be Outsourced depending on the location of the project being executed

Synchronized production of Nacelles, Hubs, Blades and Towers together with supply of Complete Sets of WTGs to
lead to better Working Capital Cycle
10

CURRENT PIPELINE OF PROJECT SITES

Amongst the largest land bank owners in

Rajasthan

1.

Gujarat

2.

Rajasthan

3.

Madhya Pradesh

Focused on increasing land bank further in

South India. Multiple sites acquired at very

Gujarat

competitive acquisition cost in Andhra

Madhya Pradesh

Pradesh. Have entered Karnataka as well

Maharashtra

making Inox Wind a pan India player

Karnataka

Andhra Pradesh

Sufficient Land Bank as of June 2016 for

installation of an aggregate capacity of more

Tamil Nadu

than 4,500 MW

LEADERSHIP ACROSS WIND RICH STATES

11

LAUNCHED 113 m TURBINES

Launched 113 Meter Turbines
IWLs Technology Edge:
Higher Energy Yield

Lower Energy Cost

Higher Returns

More efficient power curves

Higher uptime

Lower O&M
Increased margins
Higher market share
20%

Higher IRR for investors

20%

Expands market Ideal for low wind

pockets

Set to Launch 120 m Hybrid Tower

in September-October 2016
WT
93/80

WT
100/92

WT
113/120

12

POSITIVE SECTOR TAILWINDS - FY17 and BEYOND

Sector Initiatives

Industry Impact

Non Solar Renewable Purchase Obligation Guidelines issued from 8.75% in FY17 to up to
10.25% in FY19

Increased demand from states

like Madhya Pradesh and
Gujarat

Gujarat Policy announced on 30th August 2016

- Tariff at Rs.4.19 for 5 Years

Gujarat to be major player with

significant unfulfilled RPO

Scheme sanctioned by the Government for

1,000 MW Central Transmission Utility
connected wind power projects

Will facilitate supply of wind

power to non windy states

Draft Wind Solar Wind Hybrid Policy

formulated

Optimal utilisation of
transmission infrastructure &
land

UDAY scheme to ensure stricter enforcement

of RPO

Total of 16 States/UT have

joined the scheme till date

Advantage Inox Wind

Pan India presence
One of the largest
project site inventories
Leading player in
Gujarat, Madhya Pradesh
Lowest cost producer
Ready common
infrastructure for faster
commissioning

According to various industry estimates, total wind market size is expected to be 4,000 MW to 4,500 MW in FY17
13

WIND VS. SOLAR

AGGRESSIVE SOLAR BIDS
Wind Tariffs are lower than Solar tariffs in most states
Aggressive bids and unproven technology are raising concerns regarding viability of solar projects

Lenders have concerns in financing solar projects with tariffs as low as some of the bids seen, which seem to suggest some of the projects
may not be commissioned
Proven technology and superior returns make wind energy the preferred sector for lenders
Wind

Solar

Observations

Wind energy offers superior returns and

better utilisation of transmission infrastructure

Land 5 acres per MW (contiguous land)

Sizable water requirement

Wind requires less amount of land and water

Forecasting is also getting implemented

in solar

Improved accuracy of ~90%

90% Import Content

Solar will lead to massive foreign exchange

outgo

PLF

~30% with latest technology

~21% with current technology

Land
& Water

Land - 1 acre per MW

No water required

Variability

Forecasting implemented in Rajasthan,

Gujarat, M.P, A.P. and Tamil Nadu

Make in India

30% Import Content

14

SHAREHOLDING STRUCTURE

Market Data

Share Price Performance

450

Market capitalization (Rs. Cr)

350

Price (Rs.)

As on 01.09.16 (BSE)
4,127.6
186.0

No. of shares outstanding (Cr)

250

Face Value (Rs.)

150
Mar-16

Apr-16

May-16

Jun-16

Jul-16

Aug-16

Source - BSE

Key Institutional Investors at June 2016

Public, 7.94
DII, 5.06

Promoter &
Promoter
Group, 85.62

Source - BSE

10.0
411.5 181.0

Source - BSE

% Shareholding June 2016

FII, 1.38

52 week High-Low (Rs.)

22

% Holding

Reliance Capital

2.49%

Sundaram Asset Management

1.13%

Reliance Life Insurance

0.86%

Birla Sun Life Asset Management

0.77%

SBI Life Insurance

0.37%

Grandeur Peak Emerging Markets

0.35%

IDFC Mutual Fund

0.30%

Source Company

15

DETAILED FINANCIALS
CONSOLIDATED P&L STATEMENT
Particulars (Rs Cr)

Revenue from Operations

Cost of Material Consumed
Changes in Inventories of Finished Goods &
Work-in-Progress
EPC, O&M, Common Infrastructure Facility and Site
Development Expenses
Employee Expenses
Forex Fluctuation (Gain)/Loss (net)
Other Expenses
EBITDA
EBITDA Margin %
EBITDA Excluding Forex Impacts
EBITDA Margin % Excluding Forex Impacts
Depreciation
Other Income
Finance Cost
PBT
Tax Expense
PAT
PAT Margin %
Earnings Per Share (EPS)

Q1 FY16

Q1 FY17

YoY%

643.9

435.0

-32.4%

408.3

296.9

-27.3%

-16.7

-30.6

-82.8%

73.3

35.7

-51.3%

18.8

29.0

54.2%

9.8
56.8
93.7
14.5%
103.5
16.1%
6.9
19.3
22.1
83.9
23.5
60.4
9.40%
2.72

-2.4
60.8
45.7
10.5%
43.3
10.0%
9.8
20.7
38.7
17.9
6.0
11.8
2.7%
0.53

-124.2%
6.9%
-51.3%

40.9%
7.0%
74.9%
-78.7%
-74.3%
-80.4%
-80.5%

16

DETAILED FINANCIALS
CONSOLIDATED P&L STATEMENT
P&L Statement is as per IGAAP

Particulars (Rs Cr)

Revenue from Operations

Cost of Material Consumed
Changes in Inventories of Finished Goods &
Work-in-Progress
EPC, O&M, Common Infrastructure Facility and
Site Development Expenses
Employee Expenses
Foreign Exchange Fluctuation (Gain)/Loss (net)
Other Expenses
Expenditure Capitalized
EBITDA
EBITDA Margin %
EBITDA Excluding Forex Impacts
EBITDA Margin % Excluding Forex Impacts
Depreciation
Other Income
Finance Cost
PBT
Tax Expense
PAT
PAT Margin %
Earnings Per Share (EPS)

FY16

FY15

YoY %

4,414.1

2,709.0

62.9%

2,714.8

1,815.2

49.6%

28.5

-144.1

534.6

363.6

47.0%

92.0

54.9

67.5%

18.7

-31.6

347.2

194.5

78.5%

-13.6

691.9

456.5

51.6%

15.7%

16.9%

-118bps

710.6

424.9

67.2%

16.1%

15.7%

41bps

35.0

20.4

71.97%

66.5

15.3

335.4%

96.0

62.3

54.1%

627.4

389.1

61.2%

175.5

92.7

89.3%

451.9

296.4

52.4%

10.2%

10.9%

-71bps

20.36

14.81

37.5%

17

DETAILED FINANCIALS
CONSOLIDATED BALANCE SHEET
Balance Sheet is as per IGAAP

Particulars (Rs Cr)

FY16

FY15

Share Holders Funds:

Equity share capital

Particulars (Rs Cr)

FY16

FY15

17.4

1.6

594.2

250.3

Non-current assets:
221.9

221.9

Reserves and Surplus

1,621.9

1,170.0

Fixed Assets

Total of Shareholder funds

1,843.8

1,391.9

Non-current investments

0.0

0.0

Deferred Tax Assets (Net)

34.7

22.4

164.1

108.1

Non-current liabilities:

Goodwill on Consolidation

Long term Borrowings

50.9

78.9

Long-term loans and advances

Deferred tax liabilities (Net)

44.8

20.9

Other non-current assets

13.6

4.6

Other Long Term Liabilities

2.4

2.4

Total non-current assets

229.9

136.8

Long Term Provisions

5.0

2.5

Current assets:

103.1

104.7

62.2

0.0

541.6

423.8

2,414.3

1,432.2

Total of Non-current liabilities

Current liabilities:

Current Investments
Inventories

Short-term borrowings

1,398.8

767.1

Trade receivables

Trade payables

1,177.8

711.2

Cash and bank balances

478.8

709.6

Other current liabilities

196.8

190.0

Short-term loans and advances

389.3

235.5

Short-term provisions

44.0

52.3

Other Current Assets

53.9

29.0

Total of Current liabilities

2,817.4

1,720.6

Total Current Assets

3,940.2

2,830.2

Total Equity & Liabilities

4,764.3

3,217.2

Total Assets

4,764.3

3,217.2

18

FINANCIAL SUMMARY LAST 5 YEAR PERFORMANCE

Financial Summary as per IGAAP

Revenue from Operations

EBIDTA & EBIDTA Margin %

22.8%

18.6%

4,414.1
CAGR 63%

621.6
FY12

196.5

141.8
FY14

FY15

FY16

FY12

Return Ratios

691.9

14.2%

10.9%

8.4%

10.2%
451.9

CAGR 46%
296.4

176.3

99.8

FY12

150.4

132.3

FY13

FY14

PAT (cr)

FY15

FY16

PAT Margin %

2000
1500

69.9%
40.5%

32.6%
27.9%
36.6%
26.8% 23.6%
19.9%

Net Debt

1000
640
273

500
FY12

16.1%

FY13
FY14
FY15
FY16
EBITDA (cr)
EBITDA Margin %

117.6%
69.4%

15.7%

456.5

1,566.8

FY13

16.9%

CAGR 49%

2,709.0

1,058.9

11.3%

PAT & PAT Margin %

FY13

FY14
FY15
ROCE %
ROE %

FY16

ROE: PAT/Avg. Equity, ROCE: EBIT/Avg. Capital Employed [(Capital Employed = Equity + Total Debt)

91

448

Equity

4.68

0
Mar 12 Mar 13 Mar 14 Mar 15 Mar 16
In Rs. Cr

19

FOR FURTHER QUERIES :

THANK YOU

Mr. Dheeraj Sood

Head IR- Inox Group
Contact No: 0120 6149881
Email : dheeraj.sood@inoxwind.com

Nilesh Dalvi / Kapil Jagasia

IR Consultant
Contact No : +91 9819289131 / +91 9819033209
Email : nilesh.dalvi@dickensonir.com
kapil.jagasia@dickensonir.com
20