Inox winds reports Rs 27 cr loss in Dec quarter

New Delhi, Feb 7 () Wind energy solutions provider Inox Wind on Friday reported a consolidated net loss of Rs 27.47 crore during the quarter ended December 31, 2019.

The company had posted a net profit of Rs 1.69 crore during the corresponding quarter a year ago, Inox Wind said in a BSE filing.

During the October-December 2019 period, its total income fell to Rs 179.76 crore from Rs 394.45 crore in the year-ago period.

In a statement, the company said, "It has an Ebitda (earnings before interest, tax, depreciation and amortisation) of Rs 24 crore as compared to an Ebitda of Rs 4 crore. The improvement in financial results is due to fresh supplies of WTGs (wind turbine generators) for new orders."

The company commissioned 150-megawatts (MW) capacity projects in the first quarter and 50 MW in the second quarter and the balance 50 MW is to be commissioned in last quarter of 2019-20, it said.

Inox Wind Executive Director Devansh Jain said, "During the quarter, we have started execution of new orders along fresh supplies of WTGs. We are pleased to announce a repeat order from Morgan Stanley backed Continuum Power for 250 MW. Also, we are working on multiple deals across IPPs (independent power producers) and retail customers." ABI HRS