Inox Wind Q1 loss widens to Rs 73 cr

The wind turbine maker reported a consolidated net loss of Rs 73.27 crore in Q1 June 2020, higher than net loss of Rs 14.27 crore in Q1 June 2019.

Inox Wind's net sales declined 63% to Rs 96.67 crore in Q1 June 2020 over Q1 June 2019. The company posted a pre-tax loss of Rs 110.32 crore in Q1 June 2020, higher than a pre-tax loss of Rs 22.20 crore in Q1 June 2019. The company received a tax rebate of Rs 37.05 crore in Q1 June 2020 as against a tax rebate of Rs 8 crore in Q1 June 2019.

The company said its manufacturing operations were impacted during the quarter due to non-availability of manpower and supply chain constraints given the COVID-19 lock down. The company resumed operations post announcement of Unlock 1 in June 2020, when manpower and raw material availability started improving.

The company's order book as of 30 June 2020 stands at 1374.7 MW, which translates into revenues of about Rs 8000 crore over the next 24 months.

Shares of Inox Wind ended 3.33% lower at Rs 45 in Friday's trading session. The result was announced after market hours yesterday, 28 August 2020.

Inox Wind is a wind energy solutions provider servicing IPPs, Utilities, PSUs & corporate investors. The company is fully integrated player in the wind energy market with three state-of-the-art manufacturing Plants in Gujarat, Himachal Pradesh and Madhya Pradesh.

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