Highlights for FY ended on 31st March 2024

• Company has reported highest Revenues at Rs. 1162 Cr, up by 18% Y-o-Y
• Company has reported highest EBITDA at Rs 282 Cr, up by 25% Y-o-Y
• PAT increases by 27% Y-o-Y to Rs 196 Cr
• FY24 delivers export sales at Rs 641 Cr
• Highest order inflow reported at Rs 1193 Cr with a highest backlog of Rs 1087 Cr
• New plant inaugurated at Savli, Vadodara
• Company got listed on Indian Stock Exchanges in Dec 2023.

Mumbai, May 13th, 2024. INOX India Ltd (INOXCVA) reported the financial results for the fourth quarter and the financial year ending 31st March 2024. The results were taken on record by the Board of Directors today. The Revenues for FY24 stood at Rs. 1162 Cr, up 18%, EBITDA stood at Rs 282 Cr, up 25% and PAT at Rs 196 Cr, up 27% on a Y-o-Y basis. For Q4, Total Revenues stood at Rs 287 Cr, EBITDA at Rs 64 Cr and PAT at Rs 44 Cr, up 19%, 38% and 44% respectively.

The share of export revenue stood at a handsome 55%, up by 10% from FY23, with a highest export revenues of Rs 641 Cr. FY24 also saw the Company reporting its highest order inflow of Rs 1193 Cr and the highest order backlog of Rs 1087 Cr. The Industrial Gases vertical continued to remain the largest business vertical with 63% of share in total revenues. With a solid order-book and a client base comprising newer markets, besides the established geographies, and addition of globally renowned organizations, the Company is optimistic about expanding the reach of products from the Industrial Gas business vertical. With the adoption of LNG applications increasing worldwide, the LNG vertical, which increased its share of revenue from 24% in FY23 to 28% in FY24, is expected to continue adding to its geographical base, especially from the mobility side, with orders for fueling stations and transport fuel solutions. The Cryo-scientific Division, continues to service the needs of prestigious & complex ITER project in France, with thermal shield repair work, and supplies of MTCB Cryolines. The Stainless Steel Kegs vertical, which has started gaining traction, with new orders and agreements with some of the top companies in the world. The vertical has also started developing newer products & designs to service a broader market globally.  

Siddharth Jain, Promoter & Non-Executive Director, INOX India Ltd commented, “With numerous historic milestones crossed, FY24 continues to delight us and our stakeholders. The stupendous response by the investors at the listing has inspired us to reshape the industry and pioneer the adoption of clean energy, with our products & solutions. The best-ever financial metrics underline our dedication towards shaping a future, which is not only sustainable, but also profitable. Buoyed by the performance of FY’24, we are not only looking to design, engineer and manufacture futuristic solutions, but also looking to add newer markets to our business. I would take this opportunity to thank our stakeholders, partners, customers, and above all, our fantastic team, who have brought the Company to unprecedented heights.” 

Summary of Results

About INOX India Ltd

INOX India Ltd (INOXCVA) is one of the largest manufacturers of Cryogenic Storage, Re-gas and Distribution Systems for LNG, Industrial Gases and Cryo-Scientific applications with operations in India, Brazil & Europe. The Company has an extensive user base, spread across more than 100 countries and is serviced by a network of after-sales support associates in more than 30 countries. The company is leading India’s efforts to use LNG for industrial and automotive use. The Company’s key strength lies in design engineering, manufacturing, supply and commissioning of Cryogenic turnkey packaged systems with reputation and a vision to deliver a significantly higher value to its consumers.