Inox Wind posts Q1 loss of Rs 73 crore due to COVID-19 impact

Leading wind energy solutions provider Inox Wind on Friday reported a loss of Rs 73 crore in the quarter ended June as compared to a loss of Rs 14 crore in the same period of previous fiscal.

In Q4 FY20, its loss totalled 192 crore. Revenue from operations fell to Rs 97 crore in Q1 FY21 from Rs 260 crore in Q1 FY20 and Rs 189 crore in Q4 FY20.

Net expenditure was Rs 212 crore in Q1 FY21 as compared to Rs 287 crore in Q1 FY20 and Rs 305 crore in Q4 FY20.

"During Q1 FY21 our manufacturing operations were impacted due to non-availability of manpower and supply chain constraints given the Covid-19 lockdown," the company said in a statement.

Operations resumed after the announcement of unlock one in June when manpower and raw material availability started improving.

"Since then we have ramped up our operations progressively and have started executing the 250 megawatt order received from Continuum Wind besides other orders."

Inox Wind has strategically tied up a manufacturing facility located at Bhuj in Gujarat on lease for manufacturing nacelles and hubs.

This will result in significant savings in terms of inward and outward logistic costs due to its proximity to the ports and project sites for execution and time of about 30 days which will lead to improvement in the working capital cycle, it said.

The company's consolidated order book currently stands at 1,375 megawatt.

Besides manufacturing and supply of wind turbine generator systems, Inox Wind offers services including wind resource assessment, site acquisition, infrastructure development, erection and commissioning, and long-term operation and maintenance of power projects.

( With inputs from ANI )