CRISIL Upgrades Inox Wind’s Ratings In Long And Short-term Bank Facilities – Explained!

Inox Wind stated on Friday that CRISIL has upgraded its rankings on lengthy-time period and quick-time period financial institution credit score strains and has revised its outlook to optimistic from secure.

CRISIL upgrades Inox Wind’s rankings in lengthy and quick-time period financial institution amenities

CRISIL has upgraded its rankings from Crisil BBB to Crisil BBB+ (lengthy-time period ranking), Crisil A3+ to Crisil A2 (quick-time period rankings) and has revised the outlook from secure to optimistic in relation to the rankings of its banking amenities, Inox Wind Ltd stated in an announcement.

The rationale for bettering the Inox Wind outlook displays CRISIL’s expectation of an enchancment within the enterprise threat profile pushed by greater income and money construct-up from public sale-primarily based order execution and steps taken by builders throughout the fiscal 12 months. 2023 to scale back the debt that has led to an enchancment within the monetary profile, he stated.

The wind enterprise has efficiently raised Rs 740 crore by way of an preliminary public providing and a sale provide from Inox Green Energy Services Ltd, it claimed.

The proceeds from the fundraising have been largely used to scale back debt. The monetary profile was additional supported by an injection of funds of Rs 623 crore from the builders to pay the capital advances on account of Gujarat Fluorochemicals Ltd.

The improve within the rankings outlook displays Inox Wind’s market place within the public sale regime, concentrate on price efficiencies, robust public sale-primarily based order ebook and robust execution capabilities, he stated.

Inox Wind’s manufacturing capability stands at 1,600 MW per 12 months.

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