Inox Wind Reports Rs 27.47 Crore Losses in December 2019 Quarter

Inox Wind recently issued its financial results for the quarter ended December 2019, with the firm reporting a consolidated net loss of Rs 27.47 crore.

Wind energy solutions provider Inox Wind recently issued its financial results for the quarter ended December 2019, in which the firm has reported a consolidated net loss of Rs 27.47 crore. The company had posted a net profit of Rs 1.69 crore during the corresponding quarter a year ago, it issued 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.

In a statement, the company 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 the last quarter of 2019-20, it said.

Inox Wind Executive Director Devansh Jain said, “During the quarter, we have started execution of new orders along with 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.”

In December 2019, we had reported that the firm had secured an engineering, procurement and construction (EPC) contract of 250 MW of wind energy projects from Continuum Power Trading (TN) Pvt Ltd, an arm of Continuum Wind Energy group. As per the signed term-sheet, the Noida-headquartered company will supply, erect and commission 250 MW of wind power projects comprising of its 2 MW and 3 MW turbines. Further, the project will be commissioned in two phases of 126 MW and 124 MW respectively.