Crisil Upgrades Inox Wind’s Credit Ratings

CRISIL has upgraded both its long-term ratings and its short-term ratings of Inox Wind (IWL), India’s wind energy solutions provider. 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 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 31 May, 2024 provides large revenue growth visibility and sustained profitability for IWL, supported by policy tailwinds in the wind sector.

Kailash Tarachandani, chief executive officer (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.”