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Inox Wind reports net loss of Rs 27.47 crore in December quarter

Inox Wind recently reported a consolidated net loss of Rs 27.47 crore during the quarter ended December 31, 2019.

The company had posted a net profit of Rs 1.69 crore during the corresponding quarter a year ago, Inox Wind said in a BSE filing.

During the October-December 2019 period, its total income fell to Rs 179.76 crore from Rs 394.45 crore in the year-ago period.

The company in a statement said, “It has an Ebitda (earnings before interest, tax, depreciation and amortisation) of Rs 24 crore as compared to an Ebitda of Rs 4 crore. The improvement in financial results is due to fresh supplies of WTGs (wind turbine generators) for new orders.”

The company commissioned 150-megawatts (MW) capacity projects in the first quarter and 50 MW in the second quarter and the balance 50 MW is to be commissioned in last quarter of 2019-20, it said.

“During the quarter, we have started execution of new orders along fresh supplies of WTGs. We are pleased to announce a repeat order from Morgan Stanley backed Continuum Power for 250 MW. Also, we are working on multiple deals across IPPs (independent power producers) and retail customers,” said Inox Wind Executive Director Devansh Jain.