1. Inox Wind shares tumble 16% on reporting 80% fall in Q1 net profit

Inox Wind shares tumble 16% on reporting 80% fall in Q1 net profit

Inox Wind shares tanked as much as 16 per cent on Tuesday after the company reported 80.44 per cent fall in consolidated net profit at Rs 11.82 crore for the quarter ended June 30, 2016 against Rs 60.42 crore in the same quarter last year.

By: | New Delhi | Updated: September 6, 2016 4:12 PM
BSE Sensex NSE Nifty inox wind Inox Wind shares tanked as much as 16 per cent on Tuesday after the company reported 80.44 per cent fall in consolidated net profit at Rs 11.82 crore for the quarter ended June 30, 2016 against Rs 60.42 crore in the same quarter last year. (Photo: Reuters)

Inox Wind shares tanked as much as 16 per cent on Tuesday after the company reported 80.44 per cent fall in consolidated net profit at Rs 11.82 crore for the quarter ended June 30, 2016 against Rs 60.42 crore in the same quarter last year. Consolidated net sales of the company fell by 32.64 per cent year-on-year to Rs 432.35 crore for the quarter under review against Rs 641.84 crore in the same quarter last year. At 11.05 am, shares of Inox Wind were trading 6.12 per cent down at Rs 180.10. The scrip opened the day at Rs 167.95 and has touched a high and low of Rs 182 and Rs 161, respectively, in trade so far. Later, the share price settled 6.33 per cent down at Rs 179.70.

Consolidated operating profit of the company fell by 41.29 per cent year-on-year to Rs 66.32 crore for the quarter under review against Rs 112.96 crore in the same quarter last year.

On a standalone basis, net profit of Inox Wind dipped 73.68 per cent year-on-year to Rs 18.11 crore against Rs 68.82 crore in the same quarter last year. Net sales of the company dipped by 36.30 per cent to Rs 374.12 crore for the quarter under review against Rs 587.34 crore in the same quarter last year.

In a separate filing, the company further said, “Continuing our expansion in southern states of India, Inox Wind Infrastructure Service, a wholly owned subsidiary of Inox Wind has acquired RBRK Investments with effect from September 1, 2016.” RBRK Investments has become a step-down subsidiary of Inox Wind Ltd.

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