Inox Wind's net profit declines by 80%
Inox Wind - Indian wind energy service provider, reported disappointing Q1FY17 performance on adoption of Indian Accounting Standards (Ind-AS).
Inox Wind reported disappointing Q1FY17 performance and said its consolidated net profit declined by over 80%, at Rs 11.82 crore, from Rs 60.42 crore in the corresponding quarter of the previous year.
Total income from operations was at Rs 434.99 crore, decreasing by 32.44% versus Rs 643.90 crore in June 2015.
Both EBITDA (earnings before interest tax depreciation and amortization) and margins were also down in Q1FY17. The operating profit (EBITDA) stood at Rs 66.32 crore, down by 41.28% year-on-year (YOY). It's operating profit margin was at 15.24%, contracting by 230 basis points yoy.
On standalone front, the company's net profit of Rs 18.11 crore, witnessed a 73.68% yoy decline. While, total income of Rs 376.76 crore, tumbled by 36.07% yoy.
Shares of Inox Wind closed at Rs 191.85, up by 3.12% on Friday trading session.