India's leading wind energy solutions provider, Inox Wind Limited (IWL), has received a significant boost as CARE Ratings (CARE) upgraded its short-term and long-term banking facility ratings. This achievement underscores the company's strong financial health and operational efficiency, setting a new benchmark for growth in the renewable energy sector.

CARE Ratings Upgrade Details

1. Short-Term Facilities:
   Inox Wind’s short-term banking facilities have been upgraded to ‘CARE A1+’, the highest possible rating in this category. This milestone indicates exceptional financial strength and the company’s ability to meet its short-term obligations efficiently. The facilities primarily include letter of credits (LCs) and bank guarantees (BGs), both vital for operational stability.

2. Long-Term Facilities:
   IWL’s long-term banking facilities have also been upgraded to ‘CARE A+/Stable’ from the previous CARE A/Stable. These facilities, which are sparingly used for cash management, further reflect the company’s net cash-positive balance sheet and effective financial management practices.

3. Second Agency Recognition:
   Over the past fortnight, CARE becomes the second rating agency to ascribe the highest ratings to Inox Wind’s short-term banking facilities, solidifying its strong business and financial standing.

Business Risk Profile

The rating upgrade by CARE mirrors a significant improvement in Inox Wind’s business risk profile, fueled by enhanced operating performance and financial results. The company’s growth trajectory is supported by:

• A robust order book of ~3.5 GW, indicating strong future revenue streams.
• An expanding pipeline of wind energy projects aligning with India’s renewable energy goals.

India’s renewable energy market, particularly in wind power, is witnessing a surge in demand as the country aims to achieve ambitious renewable energy capacity additions over the next decade.

About Inox Wind

Inox Wind Limited is a prominent player in India’s wind energy sector, offering comprehensive wind power solutions across Independent Power Producers (IPPs), Utilities, Public Sector Undertakings (PSUs), and corporate investors.

Key Highlights of IWL:

• Part of INOXGFL Group: A diversified conglomerate with a legacy spanning nine decades and a market presence across chemicals and renewable energy.
• Manufacturing Excellence: Four state-of-the-art plants in Gujarat, Himachal Pradesh, and Madhya Pradesh, producing critical wind turbine components like blades, tubular towers, hubs, and nacelles.
• Technological Edge: With a manufacturing capacity of approximately 2.5 GW per annum, Inox Wind delivers advanced 3 MW series Wind Turbine Generators (WTGs) to ensure high performance and cost competitiveness.

Subsidiaries Driving Growth

1. Inox Green Energy Services Ltd.: India’s only listed wind O&M (operations and maintenance) services provider, managing ~3.5 GW with immense growth potential.
2. Resco Global Wind Services Pvt. Ltd.: Specializes in EPC (Engineering, Procurement, and Construction) services and infrastructure development for renewable energy projects.

Growth and Future Prospects

Inox Wind is strategically positioned to capitalize on India’s rapidly growing renewable energy demand. Key factors driving its growth include:

• Robust Order Book: A well-diversified order pipeline ensures revenue visibility and scalability.
• Strong Financials: CARE’s rating upgrade affirms the company’s sound financial standing and ability to manage working capital effectively.
• Technological Advancements: Continuous innovation in wind turbine technology allows IWL to stay competitive and deliver reliable solutions to its clients.

As India accelerates its renewable energy capacity expansion, Inox Wind’s expertise, operational capabilities, and strong promoter backing place the company on a high-growth trajectory.

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