Indian Wind Turbine Maker Inox Wind Reports 76% Jump In Quarterly Profit
A stream of large orders and an overall positive outlook for the Indian wind energy market, one of the country’s two listed wind turbine makers has reported a spectacular jump in profit.
Inox Wind reported a consolidated net profit of Rs 89.13 crore (around $13.7 million) for the quarter ending September 2015, representing a 76.5% jump in profit quarter-on-quarter, and a 64.8% increase in year-on-year profit.
The huge profit come on the back of equally strong sales volume. Net sales increased to Rs 1,008 crore (around $155 million), up 58.7% quarter-on-quarter. However, the expenditure on materials consumed also increased sharply, with the cost of materials consumed increased by 66.7% quarter-on-quarter.
The company remains bullish about the future market scenario as the Indian Government has launched several policies to promote expansion of renewable energy infrastructure. As a result, Inox plans to significantly increase its manufacturing capacity at factories around India. Inox Wind reported an active project pipeline of 1.4 GW capacity which is very likely to increase further. The Indian Government has set a target to have operational wind energy capacity of 60 GW by 2022, up from the 24 GW operational at the end of August 2015.
At this year’s renewable energy international investors summit organized by the Indian Ministry of New & Renewable Energy, Inox Wind pledged to manufacture 5 GW worth of wind turbines over the next 5 to 7 years.
Inox Wind became only the second wind energy company in India to be listed on the Indian bourses earlier this year, and while the share price of the company has declined since its listing, experts remain positive about the prospects of the company as well as the wind energy sector.
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