Inox Wind Limited (IWL) on Wednesday announced that CRISIL has upgraded both its long-term ratings and its short term ratings in relation to the ratings of the company’s banking facilities. CRISIL has confirmed the following for IWL:
• ‘CRISIL A/Stable’ (upgraded from CRISIL A-/Stable) rating for Company’s Long Term Bank Facilities;
• ‘CRISIL A1’ (upgraded from CRISIL A2+) rating for Company’s Short Term Bank Facilities;
CRISIL’s rating upgrade reflects the improvement in the company’s business risk profile on account of substantial improvement in operating performance. Further, it notes that the company’s deleveraging efforts through equity raise significantly improves its financial risk profile. Going ahead, it said that a healthy net order book of 2.7 GW as of 31st May, 2024 provides large revenue growth visibility and sustained profitability for Inox Wind, supported by policy tailwinds in the wind sector.
Kailash Tarachandani, CEO, Inox Wind, said, “The latest ratings upgrade by CRISIL is an outcome of all the efforts undertaken by the company in the recent past. We have successfully raised funds to strengthen our balance sheet and also ramped up our operations. Further, with the transition to our state-of-the-art 3MW WTGs, we have embarked on a superlative growth journey with strong profitability. With the support and confidence of all our stakeholders, we are striding ahead from strength to strength.”
Inox Wind is a part of the US$ 8 billion INOXGFL Group. Inox Wind is a fully integrated player in the wind energy market with four state-of-the-art manufacturing plants in Gujarat, Himachal Pradesh and Madhya Pradesh, where Blades, Tubular Towers, as well as Hubs & Nacelles are manufactured.