Shares of Inox Wind Ltd are in focus on Wednesday after the wind energy solutions provider said it has received ‘A’ rating from CARE Ratings Ltd for its banking facilities.
In a filing to stock exchanges, Inox Wind said CARE has assigned ‘CARE A; stable/CARE A1’ rating for Inox Wind's working capital limits. The ‘A’ category rating reflects Inox Wind’s strong financial position, robust execution capabilities, large order book, and strong macro tailwinds, it noted.
The multibagger stock has delivered 132 per cent return in the last six months against Suzlon Energy's 18 per cent during the same period. The stock is in fact up 441 per cent in the past one year. Suzlon Energy gained 374 per cent in the said period.
Inox Wind recently clocked a consolidated profit of Rs 36.72 crore for the March quarter against a net loss of Rs 119.04 crore in the corresponding quarter of last year. Total income for the quarter was soared to Rs 563.07 crore from Rs 193.83 crore in the year-ago quarter.
Inox Wind offers services to IPPs, utilities, PSUs & corporate investors. It is a part of the $8 billion INOXGFL Group, which is primarily focused on two business verticals - chemicals and renewable energy.
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, as well as Hubs & Nacelles are manufactured.
With its 3 MW series WTG offering, IWL’s manufacturing capacity stands at 2.5 GW per annum. Its subsidiary, Inox Green Energy Services Ltd, is the only listed wind O&M services company in India, having a strong portfolio of over 3.2GW.