Inox Wind (IWL) said that Care Ratings has upgraded the company's short-term rating to 'CARE A1+' from 'CARE A1'.
"The rating upgrade further demonstrates IWLs strong financial position as the company utilises most of its banking facilities by way of letter of credits (LC) and bank guarantees (BG), the company said.
The credit rating agency has also upgraded the companys long-term rating to CARE A+ / Stable from CARE A / Stable.
CAREs rating upgrade reflects the improvement in IWLs business risk profile on the back of substantial improvement in operating and financial performance.
IWLs business is expanding at a rapid pace buoyed by a strong growth outlook in its order execution and profitability going ahead. Its robust order book of ~ 3.5 GW is supported by a large order pipeline, as India surges ahead to add renewable capacities on a massive scale over the next decade.
Inox Wind (IWL) is Indias leading wind energy solutions provider servicing IPPs, Utilities, PSUs & Corporate investors. IWL is a part of the US$ ~ 12 BN INOXGFL Group which has a legacy of over nine decades and is primarily focused on two business verticals - chemicals and renewable energy. IWL 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. With its state-of-the-art 3 MW series WTG offering, IWLs manufacturing capacity stands at 2.5 GW per annum.
The company had reported a consolidated net profit (from continuing operations) of Rs 90.22 crore in Q2 FY25 as against a net loss of Rs 29.23 crore posted in Q2 FY24. Revenue from operations surged 97.56% year on year to Rs 732.24 crore in the quarter ended 30 September 2024.
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