By: ICN Bureau
Last updated : December 31, 2022 8:19 am
Inox Green’s outlook reflects CRISIL’s expectation of an improvement in business risk profile
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 is pleased to announce 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.
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 crore 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 crore 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.
Inox Green Energy Services Limited is one of the major wind power operations and maintenance (O&M) service providers within India with a fleet size of around 3 GW. The company is engaged in the business of providing long-term O&M services for wind projects. It is a subsidiary of Inox Wind Limited with whomit enjoys a synergistic relationship and is a part of the Inox GFL Group.
It operates in these segments primarily through four publicly listed companies, namely Gujarat Fluorochemicals Limited, Inox Wind Energy Limited, Inox Wind Limited, and Inox Green Energy Services Limited and has a combined market capitalization of US $5 billion with a global presence and a strong distribution network, the Inox GFL Group constantly strives to enhance the value for all its stakeholders.