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Inox Wind shares slump 15% as Q1 net down

Inox Wind, contract

Mumbai: Inox Wind shares plunged as much as 15 per cent on Tuesday after the wind power equipment manufacturer reported 74 per cent decline in its net profit to Rs 18 crore in the June quarter, hit by lower sales and decline in operating margin.

Inox Wind had reported a net profit of Rs 69 crore in the corresponding quarter of last fiscal.

Revenues of Inox Wind declined 36 per cent to Rs 377 crore in the June quarter, compared to Rs 589 crore in the same quarter of the previous year.

As of 11.36 a.m., Inox Wind shares traded 5.97 per cent lower at Rs 180.20 compared to 0.99 per cent gain in the broader Nifty.

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