CRISIL upgrades ratings on Inox Wind with stable outlook on debt shrink

CRISIL has upgraded its ratings on Inox Wind Limited with a stable outlook, according to a regulatory filing.

Part of INOX GFL Group, Inox Wind Limited is India's leading wind energy solutions provider servicing independent power producers (IPPs), utilities, public sector units (PSUs) and corporate investors.

"CRISIL has upgraded its ratings from CRISIL BBB+ to CRISIL A- (long term rating), CRISIL A2 to CRISIL A2+ (short term ratings) with stable outlook in relation to ratings of its banking facilities," the company said in a regulatory filing.

CRISIL 's rationale for upgrading Inox Wind's ratings reflects the steps undertaken by the promoters in fiscal 2024 to reduce debt, leading to significant improvement in the financial risk profile, improvement in the business risk profile which the company has demonstrated by delivering significant improvement in operating performance in the first half of fiscal 2024 and commercialisation of the 3.3 megawatt (MW) turbine.

The upgrade in ratings also reflects Inox Wind's market position, focus on cost efficiencies, healthy order book and robust execution capabilities, the filing said.