Inox Wind Limited reported its financial results and financial performance for the second quarter and the first half of the financial year ending 31st March 2017.
The Total income from operations for the quarter was Rs. 800.17 crores. EBITDA (including Other Income) for the quarter was Rs. 116.98 crores and PAT was Rs. 56.46 crores. Total income from operations for the first half was Rs. 1,235.16 crores. EBITDA (including Other Income) for the first half was Rs. 183.30 crores and PAT was Rs. 68.27 crores.
The company reported strong order inflow of 322 MW during the second quarter bagging repeat orders from marquee independent power producers and corporates like Renew Power, PTC Energy, CESC, Malpani Group etc. The company has a robust order book position of 1,346 MW as of September 2016. Inox Wind continues to strengthen its position and increase market share across IPPs, PSUs, Utilities, Corporates and Retail customers.
Devansh Jain, Executive Director of the company stated that “Over the quarter, the company has further strengthened its long standing relationships with some of the leading independent power producers and corporates in the nation and enjoys one of the largest order books in the industry. Higher production of Blade Sets and Towers compared to Nacelles and Hubs during the first six months of the financial year has cleared the majority of inventory backlog and improved the working capital cycle. We expect further improvements in the working capital cycle of the company in the coming quarters. Inox Wind remains firmly on track to meet its annual performance targets.”
The government of India’s thrust on the development of renewable sources of energy is emphasized by the revised tariff policy which levies no inter-state transmission charges and losses for power from renewable sources and introduces the Renewable Generator Obligation.