Net Zero Summit

Inox Wind consolidated net loss widens to Rs 73 cr in June quarter

Wind turbine maker Inox Wind on Friday said its consolidated net loss widened to Rs 73.27 crore in June quarter as compared to the year-ago period. The company’s loss in April-June 2019-20 was at Rs 14.16 crore, according to a BSE filing.

Total income declined to Rs 101.90 crore in the quarter from Rs 264.53 crore in the same period last year.

The company’s board in its meeting held on Friday also approved raising up to Rs 200 crore through issuance of securities by way of a private placement (including but not limited through a qualified institutional placement) in accordance with the provisions of the applicable law.

The fund raising is subject to necessary permissions, sanctions and approvals, including shareholders’ approval and such other statutory approvals as may be required, and the provisions of the law.

The company is seeking approval of shareholders for the aforesaid resolution at the ensuing Annual General Meeting, it added.

About the impact of COVID-19, the company said,”Considering that the group is in the business of manufacturing wind turbine generator in renewable energy which is considered to be an essential service, the management believes that the impact of this outbreak on the business and financial position of the group will not be significant.”

The company said the Group management does not see any risks in the Group’s ability to continue as a going concern and meeting its liabilities as and when they fall due.

Inox Wind said the Group has used the principles of prudence in applying judgements, estimates and assumptions and based on the current estimates, the Group expects to recover the carrying amount of trade receivables including unbilled receivables, investments, inventories and other assets.

The Group is engaged in the business of manufacture of wind turbine generators (WTG) and also provides related erection, procurement & commissioning services, operations & maintenance and common infrastructure facility services for WTGs and development of projects for wind farms.

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