Inox Wind Q2 net loss at Rs46.81 crore
New Delhi: Wind turbine maker Inox Wind Ltd on Saturday reported a consolidated net loss of Rs46.81 crore in the second quarter ended September, hit by lower revenues.
The company had posted a consolidated net profit of Rs56.42 crore in the quarter ended 30 September 2016, Inox Wind said in a BSE filing. Its total income from operations declined by 89% to Rs87.15 crore in the second quarter of this fiscal from Rs816.06 crore a year ago.
“On expected lines, the continuation of the temporary downturn of the Indian wind power market impacted our Q2 results. We see the wind industry to be in the last phase of transition to a complete auction-based regime,” Inox Wind executive director Devansh Jain said.
He added the company expects normalisation, from an order inflow perspective, to commence from third onwards and execution to pickup from the fourth quarter. “We believe that our inherent cost-competitive advantage places us in an ideal position to benefit from the auction based market regime,” he said.
Jain pointed out that the company has won 250mw in the SECI-2 auction, taking its total auction based order book to 550mw. “From a near-term perspective, we look forward to upcoming SECI auctions, 500mw Gujarat state auctions and PSU orders for scaling our order book,” he added.