This limit is likely to be enhanced further to approximately Rs 2,400 crore as per the working capital assessment done by the lead bank (ICICI Bank).
The limits extended are largely non-fund based [bank guarantees (BGs) and letter of credits (LCs)].
The limits have been sanctioned on the financial strength of IWL’s balance sheet and without the requirement of any corporate guarantees or any other support from Gujarat Fluorochemicals Ltd. (GFL).
IWL’s recent fund raises as well as its operational ramp up have led to its balance sheet becoming net
cash positive.
Akhil Jindal, group CFO of the INOXGFL group, said: "The consortium arrangement reposes the confidence of the banking community in IWL’s financial strength.
This is the culmination of the last several quarters of efforts and is backed by the strong operational performance by the company and its robust outlook."
Inox Wind is a wind energy solutions provider in India, catering to IPPs, utilities, PSUs, and corporate investors. It is part of the INOXGFL Group, with a focus on chemicals and renewable energy. IWL is fully integrated in the wind energy market, with four manufacturing plants and a capacity of over 2 GW per annum.
The company reported a consolidated net profit (from continuing operations) of Rs 47.17 crore in Q1 FY25 as against a net loss of Rs 64.88 crore posted in Q1 FY24. Revenue from operations surged 83.18% year on year to Rs 638.81 crore in the quarter ended 30 June 2024.
Shares of Inox Wind rose 0.87% to currently trade at Rs 256.10 on the BSE.