Moneycontrol Be a Pro
Get App
Last Updated : May 15, 2017 02:36 PM IST | Source: Moneycontrol.com

Inox Wind share price tanks 19% after dismal March quarter earnings

Operating profit during the quarter declined 23.2 percent to Rs 229.5 crore but margin expanded by 630 basis points to 22.5 percent on year-on-year basis.


Wind energy services provider Inox Wind share price plunged 19.5 percent intraday Monday after disappointing earnings for January-March quarter.

Profit on consolidated basis slipped 36.6 percent to Rs 127.5 crore and revenue from operations dropped 44.6 percent to Rs 1,019.2 crore compared with year-ago period.

Operating profit during the quarter declined 23.2 percent to Rs 229.5 crore but margin expanded by 630 basis points to 22.5 percent on year-on-year basis.

Close

Meanwhile, the company has commissioned 422 MW of orders during the quarter and 656MW during the year. The second half of the financial year has been tough on the back of demonetisation in Q3 and power purchase agreement signing by states coming to a halt on back of SECI auctions in Q4.

The auctions are expected to bring wind energy cost down thereby enhancing its competitiveness amongst other sources of power, the company said in its filing.

At 13:51 hours IST, the stock was quoting at Rs 167.05, down Rs 34.90, or 17.28 percent amid high volumes on the BSE.

The Great Diwali Discount!
Unlock 75% more savings this festive season. Get Moneycontrol Pro for a year for Rs 289 only.
Coupon code: DIWALI. Offer valid till 10th November, 2019 .
First Published on May 15, 2017 02:08 pm
Loading...
Sections
Follow us on
Available On
PCI DSS Compliant
Make every wish come true
10% CashBack on Apparel
10% CashBack on Electronics
Swipe & Win iPhone 11 every hour