Indian wind turbine maker Inox Wind Ltd (BOM:539083) turned to a net loss in its fiscal 2017/18 as revenue slumped by 86% in annual terms amid India’s transitioning to an auction regime.
In a press release on Friday, the company said it has closed the fiscal year through March 31 with a net loss of INR 1.88 billion (USD 27.6m/EUR 23.5m), as compared to a profit of INR 3.03 billion a year before. Revenue from operations came at INR 4.79 billion, dropping from INR 34.15 billion.
Inox Wind also booked a loss before interest, tax, depreciation and amortisation (EBITDA) of INR 569.9 million, against a profit of INR 6.26 billion a year before in the prior-year period.
The Indian firm described the past fiscal year as a “turbulent” one for the wind segment in view of the ongoing transition from a regulated tariff regime to an auction regime. It projected that fiscal 2018/19 will be “a strong turnaround year” with stable execution for the sector, adding that there is visibility for the industry on order inflow due to the government’s plans for auctions of 10 GW each in the following two financial years.
In terms of turbine capacity, Inox Wind commissioned 172 MW in the reporting period, down from 656 MW in the previous fiscal year.
In the fourth quarter alone, Inox Wind registered a net loss of INR 556.6 million, as compared to a profit of INR 1.28 billion a year back, as it saw revenue from operations fall by 80% to INR 2.03 billion.
(INR 10 = USD 0.147/EUR 0.125)
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