Inox Wind gains after CRISIL upgrades ratings with 'stable' outlook

Inox Wind rose 1.29% to Rs 153.10 after CRISIL upgraded its long-term rating on the bank facilities of the company to 'CRISIL A' from 'CRISIL A-' with 'stable' outlook.

The agency has also upgraded the companys short-term rating to CRISIL A1 from CRISIL A2+.

CRISILs rating upgrade reflects the improvement in IWLs business risk profile on account of substantial improvement in operating performance.

Further, it notes that the companys 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, 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."

Inox Wind is a wind energy solutions provider in India, catering to IPPs, Utilities, PSUs, and Corporate investors. It is part of the INOXGFL Group, with a focus on chemicals and renewable energy. IWL is fully integrated in the wind energy market, with four manufacturing plants and a capacity of over 2 GW per annum.

The wind energy service provider reported a consolidated net profit (from continuing operations) of Rs 37.67 crore in Q4 FY24 as against a net loss of Rs 115.51 crore posted in Q4 FY23. Revenue from operations stood at Rs 527.73 crore in Q4 FY24, steeply higher than Rs 190.75 crore recorded in the corresponding quarter previous year.

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