CRISIL upgrades credit ratings of Inox Wind Ltd

Inox Wind Limited (IWL), India's leading wind energy solutions provider, has announced that CRISIL has upgraded both its long-term ratings and its shortterm 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 IWL'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, a healthy net order book of 2.7 GW as of 31st May, 2024 provides large revenue growth visibility and sustained profitability for IWL, supported by policy tailwinds in the wind sector.

Speaking on the occasion, Mr. Kailash Tarachandani, CEO of 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."

Shares of Inox Wind Limited was last trading in BSE at Rs. 151.15 as compared to the previous close of Rs. 149.80. The total number of shares traded during the day was 306831 in over 4715 trades.

The stock hit an intraday high of Rs. 154.70 and intraday low of 149.25. The net turnover during the day was Rs. 46556105.00.

Source : Equity Bulls

Keywords

InoxWind INE066P01011 CreditRatings Upgrade CRISIL