Latest News | CARE Upgrades Inox Wind's Banking Facilities Ratings

New Delhi, Jan 13 (PTI) Wind energy solutions provider Inox Wind Ltd (IWL) on Monday said Care Ratings (CARE) has upgraded the ratings for the company's banking facilities.

CARE upgraded its rating to 'CARE A1+', the highest rating for short-term bank facilities, from 'CARE A1', a company statement said.

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The rating upgrade reflects IWL's strong financial position, supported by the effective use of banking facilities like Letters of Credit (LCs) and Bank Guarantees (BGs), according to the statement.

The long-term bank facilities have also been upgraded to 'CARE A+ / Stable' from 'CARE A/Stable', it added.

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These facilities are rarely used for cash management, as the company operates with a net cash-positive balance sheet.

Over the past fortnight, CARE has become the second rating agency to ascribe the highest ratings for IWL's short term banking facilities.

CARE's rating upgrade reflects the improvement in IWL's business risk profile on the back of substantial improvement in operating and financial performance.

IWL's 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.

IWL is a part of the USD 12 billion 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.

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