Indowind Energy posts Rs 61 lakh profit in Q3

NEW DELHI: Indowind Energy on Friday reported a consolidated net profit of Rs 61.02 lakh in December quarter. The company reported a consolidated net loss of Rs 4.3 crore in the quarter ended on December 31, 2019, a regulatory filing said.

Total income of the company rose to Rs 5.32 crore in the quarter from Rs 2.72 crore in same period a year ago.

The board has also approved the proposal of purchase of entire paid up 88,60,638 equity, shares of Rs 5 each of Ind Eco Ventures, a company in the same line of business, by which, it would become a wholly-owned subsidiary of Indo wind Energy.

On account of COVID-19 pandemic, it said, "Government of India had imposed a complete nation-wide lockdown on March 24, 2020. This affected the operations. The fall in turnover is consequent to the late commencement of wind season coupled with COVID-19 related restriction like lockdowns, limited man power liability and frequent load sheddings."

However, it said that as the lockdown was in force for significant period of the quarter, the result for the quarter ended December 31, 2020, was adversely impacted.

The results for the quarter are, therefore, not comparable with those of previous quarters, it added.