Inox Wind posts net profit at 2 cr in Jul-Sept quarter

Wind turbine maker Inox Wind posted a net profit of Rs 2 crore for the quarter ended September 30, 2018.

"We have an EBITDA profit of Rs 53 crore as compared to an EBITDA loss of Rs 20 crore and have a PAT(profit after tax) profit of Rs 2 crore (in July September) as compared to a PAT loss of Rs 46 crore in the corresponding similar period," a company statement said.

The company ended the second quarter with revenue of Rs 437 crore as compared to Rs 80 crore in the corresponding previous year quarter, the statement added.

It said that it is strongly placed on back of our connectivity backed order book and intends to execute its order book over the course of next 12 to 18 months.

It is in advanced stages of discussions for additional orders of over 600 MW, which, if fruitful, would add to its order book in the coming quarters.

Over the quarter, Inox Wind has also readied itself and is on the cusp of launching its next generation multi megawatt wind turbines platform to further reduce levelized cost of electricity (LCoE) and provide superior returns to IPPs (independent power producers).

"The July-September quarter is the second consecutive quarter of profitability post the painful sector transition period. With the ongoing supply and execution of our SECI (Solar Energy Corporation of India) projects, we aim to continually strengthen our position in the sector.

"We would continue to see the benefits of the auction regime flow in our financials with an ongoing improvement in the various working capital parameters as well as increased profitability," Devansh Jain, Executive Director, said in the statement.