Wind power solutions provider Inox Wind today reported a consolidated net profit of Rs 10 crore in the quarter ended on June 30 on the back of higher revenues.
"We had a PAT profit of Rs 10 crores as compared to Rs 39 crores loss in the preceding year quarter. We view the quarter as a turnaround quarter after a painful transition period of more than 12 months," the company said in a statement said.
It further said, "We ended the quarter with revenues of Rs 430 crores as compared to Rs 106 crores in the previous year quarter".
According to the statement, the quarter had key positives, including the company turning back into profitability on the back of commencement of execution for our SECI (Solar Energy Corporation of India) projects.
Inox Wind is strongly placed on the back of its connectivity backed order book, which the company intends to execute over the course of next 12-18 months.
"The April-June quarter has shown a turn around on the profitability front after a painful transition period of the past 12 months led by the start of execution of our SECI-1 project. We have returned to profitability after a 4 quarter gap and we are looking to ramp up execution in the coming quarters of FY'19...
"The Indian Wind power sector has strong visibility on order inflow on back of the 10GW annual wind power auctions announced till 2028 on back of the lower tariffs in comparison to other competing energy sources like thermal, solar etc," Devansh Jain, Executive Director of the company said in the statement.
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