Wind turbine maker Inox Wind today reported a consolidated net loss of Rs 39.02 crore in the first quarter ended June, due to lower revenues earned in the period.
The company had posted a consolidated net profit of Rs 11.82 crore in the quarter ended on June 30, 2016, Inox Wind Ltd said in a BSE filing.
According to statement, the company's total income declined to Rs 116.68 crore in the first quarter of this fiscal from Rs 455.65 crore year ago.
The company said that as was anticipated, first quarter saw a temporary downturn of the Indian Wind Power market due to this transition.
The company expect rate of auctions to pick up pace in coming quarters with more States announcing their auction guidelines as well as follow-on SECI auctions, it said.
The company's Executive Director Devansh Jain stated in the statement that "We believe that Inox Wind would be a major beneficiary in the auction based market regime, due to its inherent cost-competitive advantage."
"After the slowdown caused by the transition from an FIT based market regime to an auction based market regime, which would continue in the second quarter as well, we expect normalisation, from an order inflow perspective, to commence from third quarter onwards, and execution to pickup in fourth quarter," Jain added.
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