Noida : Inox Green Energy Services Limited (Inox Green), a part of the Inox GFL Group, India’s leading wind power operations and maintenance (“O&M”) service provider has announced that CRISIL has upgraded its ratings from Crisil BBB to Crisil BBB+ (long term ratings), Crisil A3+ to Crisil A2 (short term ratings) and outlook revised from stable to positive in relation to ratings of it’s banking facilities.
The credit rating agency has confirmed ‘CRISIL A2’ rating for Company’s Short Term Bank Facilities and RISIL BBB+/Positive’ rating for Company’s Long Term Bank Facilities.
CRISIL’s rationale for upgrading Inox Green’s outlook reflects CRISIL’s expectation of an improvement in business risk profile, to be driven by higher revenue and cash accrual from execution of its orders and steps taken by the promoters during fiscal 2023 to reduce debt which has led to improvement in financial profile. Wind business has successfully raised Rs 740 Cr through an initial public offering and offer for sale of Inox Green Energy Services Ltd. The proceeds of the fund raise were largely used to pare down debt. Financial profile was further supported by fund infusion of Rs 623 Cr from promoters to repay capital advances due to Gujarat Fluorochemicals Limited. The upgrade in outlook of ratings reflects Inox Green’s market position with its customers, established track record and robust opportunities to grow inorganically.