Inox Wind First Quarter Profit Plunges 80%, Margins Contract
Net profit for the April-June period fell to Rs 11.82 crore from Rs 60 crore year-on-year.
Wind turbine maker, Inox Wind Ltd. posted a 76.6 percent decline in profit in the first quarter of financial year 2016-17.
Net profit for the April-June period fell to Rs 11.82 crore from Rs 60 crore in the corresponding period of the previous year, it said in a stock exchange filing on Friday. Revenue for the June-ended quarter worsened 32.6 percent to Rs 432.35 crore from Rs 642 crore in the same quarter last year.
Earnings before interest, taxes, depreciation and amortisation decreased 51.2 percent to Rs 45.7 crore from Rs 94 crore year-on-year. The EBITDA margin contracted 400 basis points to 10.5 percent from 14.5 percent.
“Higher production of blade sets and towers vis-a-vis nacelles and hubs during the quarter, done to clear the inventory backlog, affected year-on-year growth in revenues and margins,” the company said in a press release.
The company had an order book of 1.24 gigawatts as of June 2016.