Inox Wind Bags Wind Turbine Orders Worth 40 MW in Gujarat, Karnataka

Inox Wind has announced new orders for the supply and installation of wind turbine generators of 40 MW capacity from retail customers.

Inox Wind, one of India’s leading wind energy solutions providers, has announced new orders for the supply and installation of wind turbine generators of 40 MW capacity from retail customers spread across various industries.

The projects will be executed on a turnkey basis across locations in Gujarat and Karnataka. And the orders are expected to be commissioned by March 2021

The contracts include supply and commissioning of 2 MW DFIG 113 meters rotor diameter Wind Turbine Generators (WTGs) as well as providing comprehensive operations and maintenance services for the lifetime of the project.

In a regulatory filing, the firm stated that “Inox Wind provides its customers with end-to-end integrated solutions for the entire wind power value chain. The Company which enjoys one of the largest order books in the industry has further strengthened its order book with the fresh orders.”

In August, we had reported that for the quarter ended June 30, 2020, Inox Wind had revealed a total income of Rs 101.90 crore, dropping more than Rs 160 crore over the same quarter last year (Rs 264.53 crore). The firm has also reported that its consolidated net loss widened to Rs 73.27 crore in the quarter as compared to the year-ago period. The company’s loss in April-June 2019-20 was at Rs 14.16 crore.

On the impact of COVID-19, the company had said that “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.”

However, it also added that its 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. A statement by the firm stated that the Group has used the principles of prudence in applying judgments, 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.