Inox Wind Limited (IWL), India’s leading wind energy solutions
provider, announced today that Care Ratings (CARE) has upgraded the ratings for the Company’s
banking facilities. CARE has ascribed the following ratings:
• ‘CARE A1+’, the highest rating for Short Term Bank Facilities, upgraded from CARE A1. The
rating upgrade further demonstrates IWL’s strong financial position as the company utilises
most of its banking facilities by way of letter of credits (LC) and bank guarantees (BG).
• ‘CARE A+ / STABLE’ rating assigned on IWL’s Long Term Bank Facilities, upgraded from
CARE A / Stable. These facilities are rarely utilised for cash management purposes only, since
IWL’s balance sheet is already net cash positive.
It is pertinent to note that over the past fortnight, CARE is 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.
