Inox Wind Net Loss Widens to Rs 192.17 Cr in Q4

Inox Wind, a leading wind energy solutions provider in India, has reported its consolidated net loss widened to Rs 192.17 crore during the fourth quarter ended March 31, 2020, on the back of higher expenses.

The consolidated net loss of the company stood at Rs 53.56 crore during the same period a year ago, the company said in a statement.

Further, the total expenditure of the company in Q4 FY20 shoots up to Rs 492.37 crore, as compared to Rs 269.53 crore during the same quarter previous year.

However, its consolidated total income during the Jan-Mar quarter of FY20 grew to Rs 196.74 crore, against Rs 18,414 crore in Q4 FY19.

For full FY20, the consolidated net loss of the wind turbine maker, too, widened to Rs 279.40 crore, from Rs 39.98 crore in FY19.

Moreover, the consolidated total income of the company declined sharply to Rs 784.38 crore, during the year under review, as against Rs 1,453.99 crore during the same period a year ago.

In a separate notification, the Kailash Tarachandani-led company said that the Covid-19 pandemic has affected its business operations through an interruption in production activities, supply chain, and availability of manpower to run the operations during the period of lockdown announced by the government.

However, it added that there was a temporary suspension of manufacturing operations at all its 3 manufacturing plants located at Ahmedabad, Barwani and Una between March 25, 2020, and April 21, 2020.

From April 27, 2020, it had resumed operations at all its 3 manufacturing plants and offices after obtaining requisite permissions from the concerned district administration and in compliance with all the safety guidelines and directives issued by the Central and State Governments and local administration to safeguard the employees, labourers and all other stakeholders to prevent the spread of COVID-19.

Meanwhile, the company is confident about adapting to the changing business environment. Post-Unlock 1 it had started ramping up its operations and execution activities across its manufacturing facilities and execution sites.

In May this year, the company’s wholly-owned subsidiary, Inox Wind Infrastructure Services Ltd (IWISL), has sold its entire 51 per cent shareholding in Sri Pavan Energy for about Rs 5.1 lakh.