Inox Wind Quarterly Profit Plunges 36% Despite Margin Expansion
Bottomline for the January-March period fell to Rs 127.54 crore from Rs 201.1 crore.
Wind turbine maker, Inox Wind Ltd. posted a 36 percent decline in profit in the fourth quarter of financial year 2016-17. Revenue for the March-ended quarter fell by more than 40 percent to Rs 1,033.55 crore from Rs 1,858.03 crore in the same quarter last year.
Bottomline for the January-March period fell to Rs 127.54 crore from Rs 201.12 crore in the corresponding period of the previous year, according to the stock exchange filing.
Both the topline and bottomline missed consensus of analyst estimates tracked by Bloomberg.
Earnings before interest, taxes, depreciation and amortisation decreased 26 percent to Rs 243.85 crore from Rs 330.26 crore year-on-year. But EBITDA margin expanded to 23.59 percent from 17.77 percent.
The company has commissioned 422 megawatts (MW) of orders during the quarter (the highest ever, in any quarter) and 656 MW during the year. Inox Wind said, the auctions conducted by the SECI (Solar Energy Corporation of India) in the fourth quarter has prompted states to hold back from signing new power purchase agreements with other power manufacturers. Solar power tariff has fallen sharply in India, with the price in the last round of auctions coming down to as little as 3.8 cents a kilowatt-hour. The government’s demonetisation drive also dented performance in the second half of financial year 2016-17, added the company.