Back in the Black; Focus on SECI Orders Execution to Drive earnings Post incurring loss for four consecutive quarters led by transition of the wind industry from Feed-In-Tariff (FIT) regime to auction route, Inox Wind (INXW) has turned profitable in 1QFY19. Its reported net profit came in at Rs104mn vs. Rs390mn loss in the year-ago quarter, while top-line grew by 306% YoY to Rs4.3bn. Looking ahead, we expect the shift to auctioning route to increase the annual wind market from current 4-5GW to 9GW in FY19-20E. INXW has commenced operations across manufacturing facilities in Gujarat, Himachal Pradesh and Madhya Pradesh after ~4 quarter gap to focus on execution of SECI orders in FY19, which...