Low sales push Inox Wind into the red

Indian wind turbine maker Inox Wind Ltd (BOM:539083) on Monday booked a consolidated net loss of INR 468.1 million (USD 7.2m/EUR 6.2m) in the quarter through September, hit by a drop in revenues.

The second-quarter loss compares to a profit of INR 564.2 million in the same period of fiscal 2016/17. Total income in the July-September period fell to INR 871.5 million from INR 8.16 billion.

“On expected lines, the continuation of the temporary downturn of the Indian Wind Power market impacted our Q2 results,” said CEO Devansh Jain. He added that the company expects normalization following the full transition of the Indian wind power industry to an auction-based regime, which he says will lead to an improved order inflow after the third quarter. The CEO pointed out that Inox Wind has won 250 MW of projects in India’s second tender for 1,000 MW of wind power generation that closed last month, lifting its total auction based order book to 550 MW.

The wind turbine manufacturer reported a net loss of INR 858.3 million for the first half of fiscal 2017/18 against a profit of INR 682.4 million a year before as revenues contracted to INR 2.03 billion from INR 12.7 billion.

(INR 10 = USD 0.154/EUR 0.133)

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