Engineering Company Secures Landmark Contract from Highview Power, UK, for World’s Largest Liquid Air Energy Storage Project in Manchester
The company’s shares have delivered an impressive return of over 75 per cent with in just 1 year.
This Small-Cap company offers solutions across the design, engineering, manufacturing, and installation of equipment and systems for cryogenic conditions. Inox India specializes in supplying cryogenic equipment, particularly tanks, and provides comprehensive solutions for equipment and systems operating in cryogenic conditions.
INOX India Ltd, a global leader in cryogenic technology solutions, is pleased to announce a significant contract with Highview Power, UK, for their upcoming Liquid Air Energy Storage (LAES) facility in Carrington, Manchester.
As part of the contract, INOXCVA will supply five high-pressure, vacuum-insulated cryogenic tanks, each with a capacity of 690 kl, designed to meet EN standards. These tanks will be the largest shop-fabricated vacuum-insulated industrial gas tanks ever produced by INOXCVA, marking the company’s entry into the advanced liquid air energy storage sector. This contract not only reinforces INOXCVA’s standing in the global cryogenic equipment market but also expands its reach into the fast-growing energy storage industry.
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INOX India Ltd is to support Highview Power in strengthening the UK's energy storage infrastructure and advancing the nation’s clean energy goals. This project is part of INOX India's ongoing commitment to sustainable energy solutions worldwide.
In 2022, the company announced several key corporate actions. On February 24, 2022, the stock underwent a split, reducing its face value from Rs. 10 to Rs. 2 per share. This was followed by a 1:1 bonus issue on February 25, 2022. Earlier, in 2007, the company also issued a bonus of 1:1 on March 31. These actions reflect the company’s efforts to enhance liquidity and make its shares more accessible to investors.
Financial Performance
As per Quarterly Results, INOX India Ltd in Sep 2024 reported a revenue of Rs 307 crore compared to Rs 258 crore. The company posted an operating profit of Rs 64 crore with a margin of around 21 per cent. The company’s net profit stood at Rs 49 crore for the period.
Looking at the annual performance, the company generated a revenue of Rs 1131 crore in FY24 compared to Rs 966 crore in FY23 representing a growth of 17.11 per cent YoY. The operating profit for FY24 was Rs 252 crore compared to Rs 205 crore in FY23. The company reported a net profit of Rs 196 crore compared to Rs 155 crore.
Share Performance
At the start of today’s trading session, INOX India Ltd opened at Rs 1188 per share, compared to Rs 1130.50 per share on the BSE. Finally, the shares closed at around Rs 1184.20 per share on the BSE. The current market capitalization stands at Rs 10,748 crore, and the stock has generated an impressive return of around 80 per cent compared to its final IPO price of Rs 660 each.
Disclaimer: The article is for informational purposes only and not investment advice.