Inox Wind looks to close FY19 in the green

Inox Wind will close this financial year in the green, and that is after declaring four straight quarters of losses in FY18. Inox Wind in the same period had seen its market capetalisation crash from $1bn plus to $300 mn.

Devansh Jain, director, Inox Wind tells ET Now the company has already rebuilt one of India's largest order book in the sector, and the focus is solely on execution and bringing back sales. Jain, the third generation scion of the $3bn Inox Group was the one responsible for the chemical-to-multiplexes group entering the business of manufacturing wind turbines.

Jain started the business with a Rs 20 cr loan from his father, and built a company that broke into the top 150 in India in terms of profitability. But the company went through one of its most painful periods when the Narendra Modi government decided to switch from a fixed tariff regime to an auction regime. "Our order book of 1000MW became a piece of paper overnight. Sales of Rs 4000 cr went to nil. Luckily we hardly had any debt, and we have emerged stronger. No one thought it would take 12-15 months for clarity in the regulatory environment," Jain tells ET Now's Nayantaar Rai


Here's an edited excerpt of that interview