Inox Wind shares in focus on rating update; what Acuité Ratings says
Acuité's ratings on Inox Wind facilities factor in an established track record of operations, healthy order book, and improved financial performance, thereby reducing the risk profile of the company substantially.
- Dec 30, 2024,
- Updated Dec 30, 2024 8:23 AM IST
Shares of Inox Wind Ltd are in focus on Monday morning after the wind energy solutions provider in a filing to stock exchanges said it has received highest ratings for its short-term facilities.
Inox Wind said it received 'ACUITE A1+’, the highest rating for short term bank facilities, covering Inox Wind's non-fund based limits, which primarily include letter of credits (LC) and bank guarantees (BG). This is the highest possible rating for such facilities ascribed by Acuité to corporates in India, it said.
Besides, Inox Wind received ‘ACUITE A+' with 'Stable' rating assigned on its long term bank facilities. Inox Wind said since its balance sheet is already net cash positive, such facilities are rarely utilised for cash management purposes only.
Acuité's ratings on Inox Wind facilities factor in an established track record of operations, healthy order book, and improved financial performance, thereby reducing the risk profile of the company substantially, the company informed stock exchnages.
Inox Wind's robust order book of 3.5 GW is supported by a strong order pipeline, higher project execution, as well as its expertise in manufacturing and technology, and provides large growth visibility in revenue and profitability going ahead, Acuité Ratings said.
Inox Wind is a fully integrated player in the wind energy market with four manufacturing plants in Gujarat, Himachal Pradesh and Madhya Pradesh, where blades, tubular towers and Hubs & Nacelles are manufactured.
Inox Wind's subsidiary, Inox Green Energy Services Ltd, is the only listed wind O&M services company in India. Through its other subsidiary, Resco Global Wind Services Pvt Ltd, Inox WInd provides EPC services for wind projects and develops common infrastructure, including power evacuation infrastructure, for renewable projects.
Inox Wind recently bagged a 60 MW order from Serentica Renewables (Serentica), a leading C&I focused renewable energy company in India. This order is for the supply of 3 MW class turbines to be delivered within H1 CY25.
The NOXGFL Group, recently announced its foray into solar manufacturing through Inox Solar, a privately held entity by the promoters. Aiming to be one of the fastest growing solar platforms in the country, Inox Solar is targeting an initial capacity of 5 GW of solar modules and 2.5 GW of solar cell manufacturing capacity by 2026, at an outlined capex of Rs 1,500 crore. The company will also provide turnkey EPC solutions, including land acquisition & power evacuation, through its group company Inox Renewable Solutions Ltd (Resco Global Wind Services Ltd.).
Additionally, it will offer post commissioning O&M services through another group company Inox Green Energy Services.
Shares of Inox Wind Ltd are in focus on Monday morning after the wind energy solutions provider in a filing to stock exchanges said it has received highest ratings for its short-term facilities.
Inox Wind said it received 'ACUITE A1+’, the highest rating for short term bank facilities, covering Inox Wind's non-fund based limits, which primarily include letter of credits (LC) and bank guarantees (BG). This is the highest possible rating for such facilities ascribed by Acuité to corporates in India, it said.
Besides, Inox Wind received ‘ACUITE A+' with 'Stable' rating assigned on its long term bank facilities. Inox Wind said since its balance sheet is already net cash positive, such facilities are rarely utilised for cash management purposes only.
Acuité's ratings on Inox Wind facilities factor in an established track record of operations, healthy order book, and improved financial performance, thereby reducing the risk profile of the company substantially, the company informed stock exchnages.
Inox Wind's robust order book of 3.5 GW is supported by a strong order pipeline, higher project execution, as well as its expertise in manufacturing and technology, and provides large growth visibility in revenue and profitability going ahead, Acuité Ratings said.
Inox Wind is a fully integrated player in the wind energy market with four manufacturing plants in Gujarat, Himachal Pradesh and Madhya Pradesh, where blades, tubular towers and Hubs & Nacelles are manufactured.
Inox Wind's subsidiary, Inox Green Energy Services Ltd, is the only listed wind O&M services company in India. Through its other subsidiary, Resco Global Wind Services Pvt Ltd, Inox WInd provides EPC services for wind projects and develops common infrastructure, including power evacuation infrastructure, for renewable projects.
Inox Wind recently bagged a 60 MW order from Serentica Renewables (Serentica), a leading C&I focused renewable energy company in India. This order is for the supply of 3 MW class turbines to be delivered within H1 CY25.
The NOXGFL Group, recently announced its foray into solar manufacturing through Inox Solar, a privately held entity by the promoters. Aiming to be one of the fastest growing solar platforms in the country, Inox Solar is targeting an initial capacity of 5 GW of solar modules and 2.5 GW of solar cell manufacturing capacity by 2026, at an outlined capex of Rs 1,500 crore. The company will also provide turnkey EPC solutions, including land acquisition & power evacuation, through its group company Inox Renewable Solutions Ltd (Resco Global Wind Services Ltd.).
Additionally, it will offer post commissioning O&M services through another group company Inox Green Energy Services.