Signs Pivotal Agreements, Reports Significant Pick Up in Execution Activities
* Quarterly EBITDA Margin at 16.4%
* Landmark Agreement with AMSC to manufacture ECS In-House
* Multiple common infrastructure facilities commissioned
Chennai: Inox Wind Limited, India’s leading wind power solutions provider, reported its financial results and financial performance for the third quarter of the financial year ending 31st March 2016.
Total income from operations for the quarter was Rs. 941 crores. EBITDA for the quarter was Rs. 155 crores and PAT was Rs. 103 crores. EBITDA margins for Q3FY16 were 16.4%. Finance Cost (Ex of Other Non-Operating Income) decreased to Rs. 5 crores in Q3FY16. For the nine months ended December 2015, Revenue, EBITDA, PAT were Rs. 2,585 crores, Rs. 378 crores and Rs. 243 crores respectively. Sales for the quarter were 166 MW and nine month sales were 498 MW. Minor procedural delays affected volumes for the quarter and the company expects significant pickup in sales going forward.
The company witnessed several strategically vital developments during the quarter-
* Agreement with AMSC to manufacture 2MW Electronic Control Systems in India
* Commissioning of 800 MW blade facility at integrated Madhya Pradesh plant
* Commissioning of 400 MW common infrastructure facilities at Rojmal, Gujarat
In January 2016, Inox Wind also commissioned the common power evacuation facilities (200 MW) at its Nipaniya site in Madhya Pradesh. The commissioning of the common infra facilities at Lahori (200 MW+ at Madhya Pradesh) is also ready. The company has a robust order book position of 1,146 MW as of December 2015 with very strong order inflow visibility going forward. Inox Wind continues to strengthen its position and increase market share across IPPs, PSUs, Utilities, Corporates and Retail customers.
Mr. Devansh Jain, Executive Director of the company stated that “It has been a momentous quarter for the company with several developments that offer the company substantial long term benefits. The licensing agreement with AMSC assures continual supply and offers security in sourcing of one of the critical components of a Wind Turbine Generator. We are delighted with the commissioning of the blade facility at our world-class integrated manufacturing facility in Madhya Pradesh. Doubling of the company’s manufacturing capacity will enable Inox Wind to maintain its position as the leading wind energy solutions provider in the country. With significant ramp-up in execution activities going forward, we expect growth to accelerate over the course of the remaining year. We also see significant traction in order inflow during the coming quarter.
The government of India’s thrust on the development of renewable sources of energy is emphasized by the revised tariff policy which levies no inter-state transmission charges and losses for power from renewable sources and introduces the Renewable Generator Obligation. With a supportive regulatory framework, India’s wind market is expected to be one of the world’s fastest growing.
