Inox Wind soars on turning profitable

The company registered a net profit of Rs. 10.4 crore in Q1FY18 as against a net loss at Rs. 39 crore in the corresponding quarter in the fiscal year 2018. The stock of Inox Wind was up more than 10 per cent on Wednesday.

The turnaround was due to the execution of SECI-1 project which started in the April-June quarter. The company returned to profitability after a gap of four quarters. The management expressed confidence in its order book of 950 MW and expects more orders from independent power producers (IPPs). The company is also poised to benefit from the new auction-based market regime as the management believes that it has a cost-competitive advantage over other market players.

For Q1FY19, the company's consolidated revenue was at Rs. 430 crore as compared to Rs. 106 crore in Q1FY18. EBITDA was at Rs. 68 crore as against EBIDTA loss at Rs 18.9 crore YoY.

Reacting to the strong results and outlook for FY19, at 10:06 hours on Wednesday, the stock of Inox Wind was quoting Rs. 103.55 per share up by 4.75 per cent on the BSE stock exchange. While the BSE Sensex was at 37,680.58, up marginally by 0.04 per cent.