Inox Wind inks pact with banks for ₹2,200 Crore facilities

23 Sep 2024 , 11:16 AM

Inox Wind Ltd., the wind energy solutions provider, announced that it has signed a consortium agreement with banks for facilities worth ₹2,200 Crore. According to the exchange filing, ICICI Bank leads the consortium of ten banks, which also includes other well-known private and foreign institutions.

According to Inox Wind’s exchange filing, the restrictions have been sanctioned without recourse or corporate guarantees by Group entities.

With this agreement, any earlier corporate guarantees or other forms of support granted to Inox Wind by Gujarat Fluorochemicals Ltd. have been or will be vacated, according to Inox Wind.

According to ICICI Bank’s working capital review, Inox Wind anticipates increasing the ceiling to about ₹2,400 Crore. These constraints are primarily non-fund-based and have been imposed based on the financial strength of the company’s balance sheet.

Inox Wind’s recent fund offerings, together with its operational ramp-up, have resulted in a net cash positive balance sheet, according to the business.

In the June quarter, Inox Wind’s sales increased by 83% to ₹638.8 Crore, with a net profit of ₹48 Crore, compared to a loss of ₹63.5 Crore the previous year.

While margins for the fiscal year are expected to be between 15 and 16%, the business anticipates a little rise as the year proceeds.

At around 10.21 AM, Inox Wind was trading 0.14% higher at ₹254.70, against the previous close of ₹254.34 on NSE. The counter touched an intraday high and low of ₹261.90, and ₹254, respectively.

 

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