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Inox Wind declines after weak Q4 results

Inox Wind declines after weak Q4 results


Inox Wind slumped 16.98% to Rs 167.65 at 14:43 IST on BSE after consolidated net profit fell 36.6% to Rs 127.54 crore on 44.6% decrease in net sales to Rs 1019.22 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours on Friday, 12 May 2017. Meanwhile, the S&P BSE Sensex was up 140.45 points, or 0.47% at 30,328.60. The S&P BSE Mid-cap index was up 143.43 points, 0.97% at 14,997.88. High volumes were witnessed on the counter. On the BSE, 10.68 lakh shares were traded on the counter so far as against the average daily volumes of 1.29 lakh shares in the past one quarter. The stock had hit a high of Rs 176 and a low of Rs 162.50 so far during the day.

The stock had hit a 52-week high of Rs 253 on 14 June 2016 and a record low of Rs 160.95 on 6 March 2017. The stock had outperformed the market over the past one month till 12 May 2017, advancing 4.88% compared with the Sensex’s 1.84% rise. The scrip had also outperformed the market over the past one quarter advancing 11.24% as against the Sensex’s 6.54% rise. The Mid-cap company has equity capital of Rs 221.92 crore. Face Value per share is Rs 10. Inox Wind’s earnings before interest, tax, depreciation and amortization (EBITDA) decreased by 26.53% to Rs 229.5 crore in Q4 March 2017 over Q4 March 2016.

EBITDA margin increased to 22.5% in Q4 March 2017, form 17% in Q4 March 2016. Mr Devansh Jain, Executive Director, Inox wind, the company showcased its ability of being the lowest cost producer by being the winner in the Solar Energy Corporation of India (SECI) auctions at the lowest bid of Rs 3.46/unit and winning a 250 mega watt project. Inox was the only wind turbine producer to have won a project at this auction directly. Its eagerly await future auction rounds from SECI as it’s confident of continuing the winning momentum on the back of our low cost structure and technology advantage. The Financial year 2017 was impacted by unforeseen circumstances of states stopping signing of PPAs post SECI auctions. However, we remain confident of its prospects in the auction regime and expect significant growth in the coming years.

Solar Energy Corporation of India (SECI) auctions has witnessed high interest among developers and WTG manufacturers. The auctions are expected to bring wind energy cost down thereby enhancing its competitiveness amongst other sources of power. Inox Wind is engaged in wind energy solutions provider servicing IPPs, Utilities, PSUs, Corporates and Retail Investors. Inox Wind is a fully integrated player in the wind energy market with three state-of-the-art manufacturing plants in Gujarat, Himachal Pradesh and Madhya Pradesh.

Anand Gupta Editor - EQ Int'l Media Network


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