Inox Wind Secures Ratings Upgrade from CRISIL

CRISIL has upgraded the ratings for IWL banking facilities, with the long-term bank facilities rating being elevated to 'CRISIL A/Stable' from 'CRISIL A-Stable' and the short-term bank facilities rating moving up to 'CRISIL A1' from 'CRISIL A2+'.

June 13, 2024. By Abha Rustagi

Inox Wind Limited (IWL) has announced a significant upgrade in its credit ratings by CRISIL. The upgraded ratings reflect improved operational and financial performance, showcasing the company’s strengthened position in the renewable energy sector.

CRISIL has upgraded the ratings for IWL banking facilities, with the long-term bank facilities rating being elevated to 'CRISIL A/Stable' from 'CRISIL A-/Stable' and the short-term bank facilities rating moving up to 'CRISIL A1' from 'CRISIL A2+'.

The ratings agency attributed the upgrade to substantial improvements in IWL's operating performance and its successful efforts in deleveraging through equity raises. CRISIL highlighted that these efforts have significantly enhanced the company’s financial risk profile.

Additionally, a robust net order book of 2.7 GW as of May 31, 2024, provides IWL with strong revenue growth prospects and sustained profitability, supported by favorable policies in the wind energy sector.

Kailash Tarachandani, CEO of Inox Wind, commented on the development, stating, "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 3 MW 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," he added.

Tags:

IWL banking facilities

Renewable energy sector

Wind energy sector

Financial risk

Kailash Tarachandani