Inox Wind net down 36% at Rs 127.54 cr in March qtr

Wind power solutions provider Inox Wind's consolidated net profit dipped 36 per cent to Rs 127.54 crore in the quarter ended March 31.

The company's consolidated net profit was Rs 201.12 crore in the corresponding quarter a year ago, Inox Wind said in a BSE filing today.

According to the statement, total income for the quarter was 1,033.55 crore, down from Rs 1,858.03 crore in the year-ago period.

Its consolidated net profit in 2016-17 was Rs 303.29 crore, down from Rs 461.17 crore a year earlier.

The company has commissioned 422 MW of orders during the quarter (the highest ever, in any quarter) and 656 MW during the year, the statement said.

The second half of the financial year has been tough on the back of demonetisation in Q3 and PPA signing by states coming to a halt on back of the SECI auctions in Q4, it added.

In our view, the wind power sector is poised for a revolutionary change on back of the thrust of the government to make India a 60GW wind energy producer by 2022, it said.

"During this quarter, the company showcased its ability of being the lowest cost producer by being the winner in the SECI auctions at the lowest bid of Rs3.46/unit and winning a 250MW project.

"FY17 was impacted by unforeseen circumstances of states stopping signing of PPAs post SECI auctions. However, we remain confident of our prospects in the auction regime and expect significant growth in the coming years, Devansh Jain, Executive Director of the company said in the statement.

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)