Inox Wind reports another profitable quarter

Indian wind turbine maker Inox Wind Ltd (BOM:539083) on Monday reported an after-tax profit of INR 20 million (USD 274,000/EUR 240,000) for July-September 2018, marking its second consecutive quarter of profitability.

The company thus returned to the black in its second fiscal quarter after recording a loss of INR 460 million a year earlier.

Revenues climbed to INR 4.37 billion from INR 800 million and the company turned to earnings before interest, tax, depreciation and amortisation (EBITDA) of INR 530 million from a loss of INR 200 million a year back.

During the quarter, Inox Wind delivered 90 MW and commissioned 16 MW, compared to 80 MW and 22 MW, respectively, in April-June 2018.

Inox Wind’s net order book amounts to 780 MW, which it intends to execute over the course of the next 12-18 months. The company said in a statement that it is holding advanced talks for additional orders of more than 600 MW.

“With almost 9 GW of auctions conducted in past 12 months and various auctions lined up over the next few months, there is a very strong visibility on order inflows for the Indian wind power sector. This coupled with wind tariffs being lower than thermal prices, we expect the sector to see a period of robust and sustainable growth going forward,” commented executive director Devansh Jain.

(INR 10 = USD 0.137/EUR 0.120)

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