Inox Wind shares tumble over 16% even as Sensex hits 18-month high

Shares of Inox Wind tumbled over 16 per cent after the wind turbine maker reported 80 per cent decline in consolidated net profit at Rs 11.82 crore in the June quarter.  

The firm had clocked a net profit of Rs 60.42 crore in the year-ago period.

Reacting to the poor set of numbers, the stock of the company hit an intraday low of Rs 161, down 16.08 per cent on the BSE.

Inox Wind Executive Director Devansh Jain said over the June quarter, the company has undertaken several steps that augur well for its long term performance.

"Higher production of Blade Sets and Towers compared to Nacelles and Hubs during the quarter has cleared the inventory backlog and will significantly improve the working capital cycle of the company," he added.

The component manufacturing capacity of Inox Wind is also now fully aligned with doubling of the blade manufacturing capacity to 1,600 MW and enhanced tower manufacturing capacity, Jain said.