Inox Wind Drops More Than Rs 160 Crore in Income in June Quarter

Inox Wind had reported that its total income during the June quarter was Rs 101.90 crore, dropping more than Rs 160 crore YoY from Rs 264.53 crore.

Indian wind energy service firm and manufacturer Inox Wind had reported on its financial results for the quarter ended June 30, 2020. The firm had revealed that its total income during the quarter was 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.

The company’s board in its latest meeting also approved the motion for 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.

On the impact of COVID-19, the company 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.”

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.

A statement by the firm stated that 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 firm has mentioned both a massive drop in income and widening of its losses and, that it has not faced any significant impact of COVID-19 in the same financial results. A damning statement for the local wind manufacturer which has perhaps escaped the fall back from the global pandemic but not the turmoils of the Indian wind energy sector.