Inox Wind reports Rs 45 cr loss in Q2

Wind turbine maker Inox Wind on Friday reported a consolidated net loss of Rs 45.6 crore for the second quarter of this fiscal, mainly due to lower revenues. The company had reported a consolidated net profit of Rs 1.52 crore in the quarter ended September 2018, it said in a BSE filing.

The total income of the company fell to Rs 143.34 crore from Rs 441.66 crore a year ago. The company said the financials reflect the muted execution due to the seasonal impact on Q2 FY20 on account of heavy monsoon rains in Gujarat (and pan India).

With the readiness of the central grid finally in April 2019, after a delay of over 15 months, Inox commissioned 150 MW in the first quarter and 50 MW in the second quarter (this fiscal), it added. Devansh Jain, executive director of the company, said, "We believe that the painful transition from FIT (feed-in tariff) regime to the auction regime is virtually over except a few hiccups like delayed power evacuation which too is catching the pace. The tariff is also inching up and has stabilized in the range of Rs. 2.85 - 2.95 per unit."

"The Company is gaining traction in the market post the transition period pain and has bagged a 38MW order from ReNew Power and tied up 50MW with Adani bidding on our already strong relationship. We are working on multiple deals across IPPs and AD Customers which are at present at advanced stage," he added.

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