Hot Pursuit     12-Jun-24
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 company’s short-term rating to ‘CRISIL A1’ from ‘CRISIL A2+’.

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 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.

Previous News
  Inox Wind reports standalone net loss of Rs 102.17 crore in the March 2024 quarter
 ( Results - Announcements 04-May-24   07:29 )
  Inox Wind reports consolidated net profit of Rs 46.54 crore in the March 2024 quarter
 ( Results - Announcements 04-May-24   07:29 )
  CESC enters deal for 1500 MW wind capacity with Inox Wind
 ( Corporate News - 08-Feb-24   09:11 )
  Inox Wind appoints CFO
 ( Corporate News - 10-Feb-24   13:22 )
  Inox Wind to hold board meeting
 ( Corporate News - 25-Oct-23   11:49 )
  Board of Inox Wind approves fund raising up to Rs 500 cr via preference shares
 ( Corporate News - 07-Nov-23   18:26 )
  Inox Wind to declare Quarterly Result
 ( Corporate News - 22-Jul-23   12:17 )
  Inox Wind to hold board meeting
 ( Corporate News - 23-Apr-24   10:06 )
  Inox Wind reports standalone net loss of Rs 34.56 crore in the June 2021 quarter
 ( Results - Announcements 14-Aug-21   09:31 )
  Inox Wind to convene board meeting
 ( Corporate News - 26-Nov-22   09:26 )
  Inox Wind signs binding framework agreement with CESC
 ( Corporate News - 08-Feb-24   09:09 )
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