Rating Rationale
June 14, 2024 | Mumbai
 
Inox Green Energy Services Limited
Bank Loan Ratings upgraded to 'CRISIL A/Stable/CRISIL A1'; Long Term Principal Protected Market Linked Debentures Reaffirmed
 
Rating Action
Total Bank Loan Facilities Rated Rs.191.5 Crore
Long Term Rating CRISIL A/Stable (Migrated from 'CRISIL AA+ (CE) /Stable')
Long Term Rating CRISIL A/Stable (Upgraded from 'CRISIL A-/Stable')
Short Term Rating CRISIL A1 (Upgraded from 'CRISIL A2+')
 
Rs.75 Crore Long Term Principal Protected Market Linked Debentures CRISIL PPMLD AA+ (CE) /Stable (Reaffirmed)
Note: None of the Directors on CRISIL Ratings Limited’s Board are members of rating committee and thus do not participate in discussion or assignment of any ratings. The Board of Directors also does not discuss any ratings at its meetings.
1 crore = 10 million
Refer to Annexure for Details of Instruments & Bank Facilities

 

Detailed Rationale

CRISIL Ratings has upgraded its ratings on the Rs.135 crore bank facilities of Inox Green Energy Services Limited (IGESL) to ‘CRISIL A/Stable/CRISIL A1’ from ‘CRISIL A-/Stable/CRISIL A2+’. CRISIL Ratings has migrated its rating on the Rs.56.5 crore bank facilities to ‘CRISIL A/Stable’ from ‘CRISIL AA+ (CE)/Stable’ The rating on the long-term principal-protected market-linked debentures of IGESL reaffirmed at ‘CRISIL PPMLD AA+ (CE) /Stable’. These facilities are backed by a corporate guarantee from Gujarat Fluorochemicals Ltd (GFL).

 

IGESL handles O&M activities for projects of the parent company, Inox Wind Ltd (IWL ‘CRISIL A/CRISIL AA+ (CE)/Stable/CRISIL A1’), post commissioning and is strategically important to IWL. IGESL had a healthy portfolio of ~3.2 GW as along with strong machine availability of ~97% for fiscal 2024. Revenue visibility is supported by healthy order book at IWL level and inorganic acquisition opportunities in the operations and maintenance (O&M) space. It reported revenue of Rs 224 crore with an EBITDA of Rs  129  crore in fiscal 2024 compared to Rs 250  crore and Rs 97 crore respectively for the previous fiscal. Operating margins are expected to remain strong over the medium term given the stable annuity like nature of the business. Gross external debt stood at ~Rs 122 crore as at 31st March 2024 compared to ~Rs 160 crore as at 31st March 2023.

 

The ratings continue to reflect the strong linkages between IGESL and IWL, healthy portfolio and the extensive experience of its promoters in the wind energy business. These strengths are partially offset by the large working capital requirement at IWL.

 

The rating upgrade reflects a similar rating action on IWL. The upgrade factors in the improvement in the business risk profile of IWL driven by its improved operating performance in the second half of fiscal 2024. The upgrade also reflects the company’s deleveraging efforts by raising equity of ~Rs 900 crore in May 2024 through dilution of promoter stake, which will be infused into IWL and result in significant improvement in the financial risk profile. The improvement in the operating performance is expected to sustain over the medium term while the deleveraging will result in better debt protection metrics.

 

The funds will be infused in IWL through hybrid instruments (non-cumulative, non-convertible redeemable preference shares) and will be used primarily to pare debt. IWL is in active discussion with lenders to prepay debt. The promoter group now holds ~47.87% stake (reduced from 52.87% in March 2024), with the INOX-GFL group maintaining complete control over operations.

 

Despite increase in scale, IWL’s gross external debt reduced to ~Rs 1,224 crore as on March 31, 2024, from Rs 1,765 crore a year earlier and Rs 1,750 crore on March 31, 2022. This was aided by capital infusion of ~Rs 1,300 crore in fiscal 2024 for debt reduction, working capital requirement and investing in common infrastructure. With turnaround in operating profitability and reduction in debt, interest coverage improved sharply to over 2.5 times for the fourth quarter of fiscal 2024 and is expected to sustain over 3 times over the medium term.

 

In terms of operating performance, IWL reported revenue growth of 135% and operating profit of Rs 269 crore in fiscal 2024 against operating loss of Rs 250 crore in the previous fiscal. The improvement in operating performance was led by higher order execution and softening commodity prices. Order execution increased to 376 megawatt (MW ) in fiscal 2024 from 104 MW in fiscal 2023.

 

The ratings on the PPMLDs and non-convertible debentures (NCDs) centrally factor in the unconditional and irrevocable corporate guarantee extended by GFL. The debenture trustee administers the payment mechanism to ensure timely payment. IGESL will deposit funds into the escrow account at least seven business days prior to any coupon payment or redemption date. If IGESL fails to do so, the guarantor will make the requisite payment four business days prior to the final date of payment.

 

The rating on the guaranteed long-term bank facilities factors in the unconditional and irrevocable corporate guarantee and an additional undertaking provided by GFL.

 

The guarantee and undertaking together cover the principal, interest and other monies payable on these facilities. For the guaranteed bank facilities, as per the undertaking provided, if IGESL fails to make payment on the due date, the guarantor will make the requisite payment on invocation of corporate guarantee by the lender or within seven working days (for term loan of Rs 125 crore)/seven calendar days (for term loan of Rs 50 crore) from the final date of payment, whichever is earlier.

 

Adverse movement in the credit risk profile of the guarantor and non-adherence to the payment mechanism will be key rating sensitivity factors.

Analytical Approach

To arrive at the ratings on the guaranteed bank facilities, PPMLDs and NCDs, CRISIL Ratings has applied its criteria for rating instruments backed by guarantees.

 

For arriving at the rating of non-guaranteed instruments, CRISIL Ratings has applied its parent notch-up framework to factor in the extent of support available to IGESL from IWL.

Key Rating Drivers & Detailed Description

Strengths:

  • Structured payment mechanism: As per the undertaking for the guaranteed bank facilities, if IGESL fails to make payment on the due date, the guarantor will make the requisite payment on invocation of the corporate guarantee by the lender or seven working days (for Rs 125 crore term loan) or seven calendar days (for Rs 50 crore term loan) from the final date of payment, whichever is earlier.

 

For the NCDs, IGESL will deposit funds into the escrow account at least seven business days prior to any coupon payment or redemption date. If IGESL fails to do so, the guarantor will make the requisite payment three business days prior to the final date of payment.

 

For PPMLDs, IGESL will deposit funds into the escrow account at least seven business days prior to any coupon payment or redemption date. If IGESL fails to do so, the guarantor will make the requisite payment four business days prior to the final date of payment.

 

The payment structure is designed to ensure full and timely payment to the lender. The guarantee will remain unaffected even if IGESL faces a bankruptcy; or in case of dissolution, insolvency, or liquidation; or on winding up proceedings initiated by, or against, the issuer.

 

  • Strong linkages with IWL: IGESL handles O&M activities for projects of IWL, post commissioning. The companies have strong operational linkages as the projects often have all three components: material supply; engineering, procurement and construction (EPC); and O&M. IGESL has significantly contributed to the operating profitability of IWL. Furthermore, IGESL has received strong financial support through intercorporate deposits and optionally convertible debentures from IWL. Moreover, the entities have a common treasury. The strong linkages and importance of IGESL to IWL are expected to continue.

 

  • Strong support from the INOX-GFL group: The promoter group holds ~48% stake in IWL post the recent dilution with the INOX-GFL group maintaining complete control over operations. In turn, IWL holds ~56% stake in IGESL. The INOX-GFL group has extended support to IWL and IGESL through Inox Wind Energy Ltd. and GFL by enabling them to raise funds through NCDs, term debt and working capital facilities as and when required. Moreover, group entities have provided support through capital advances and intercorporate deposits in the past. Given the improvement in accrual and recent deleveraging, CRSIL Ratings believes IWL will service debt obligations from its own accrual and raise incremental debt without any explicit corporate guarantees. However, need based financial support from the group will continue.

 

  • Healthy portfolio and experienced promoters of IGESL: IGESL had 3.2 GW of O&M portfolio, which could grow driven by inorganic expansion and organic order execution at IWL. Any debt funded inorganic expansion will remain key monitorable. Backed by the extensive experience of the promoters, revival in the wind sector and commercialisation of the 3.3 MW turbine, operating performance will remain healthy in the near term.

 

Weakness:

  • Large working capital requirement of IWL: Operations are working capital intensive, as reflected in receivables (net of provisions) of ~ Rs 1,137 crore as on March 31, 2024. Working capital requirement was large under the feed-in tariff (FiT) regime as there were delays in commissioning or signing of power-purchase agreements (PPAs). The situation was compounded by an abrupt halt in signing of PPAs by distribution companies after the advent of wind auctions in February 2017. While IWL has taken steps to reduce receivables by allocating some of the stuck machinery against new orders under the auction regime, the receivables remain sizeable because of deferral in commissioning on account of delay in receipt of evacuation infrastructure.

 

Large working capital requirement and slow order execution have led to pressure on cash flow in the past. While the current order book comprises strong counterparties, CRISIL Ratings will continue to monitor timely execution leading to realisation of payments and no stretch in working capital position.

Liquidity: Strong

Liquidity of IGESL is in line with that of IWL. Liquidity is constrained by large working capital requirement. Debt obligation of ~Rs 676 crore due in fiscal 2025 will be repaid through recent fund raising and internal accrual.

 

The company derives financial flexibility as part of the INOX-GFL group. The group companies have provided direct funds in the form of intercorporate deposits and advances for supplies and have helped IWL avail of funds from banks, supported by guarantees, letters of comfort or by pledging of their own funds.

 

Liquidity for guaranteed bank facilities, NCDs and PPMLD: Strong

Liquidity for the rated bank facilities, NCDs and PPMLDs is supported by the unconditional and irrevocable guarantee from GFL, which should ensure timely servicing of debt. The guarantee will remain unaffected even if IGESL faces bankruptcy; or in case of dissolution, insolvency or liquidation; or on winding up of proceedings initiated by or against the issuer.

Outlook for guaranteed bank facilities, PPMLD and NCDs: Stable

The outlook on guaranteed bank facilities, PPMLDs and NCDs of IGESL reflects the outlook of CRISIL Ratings on the credit quality of GFL. The ratings will remain sensitive to any change in the credit view of CRISIL Ratings on GFL.

Rating sensitivity factors for guaranteed bank facilities, PPMLDs and NCDs

Upward/downward factors

  • Change in the credit risk profile of GFL leading to revision in ratings.

 

Outlook for other bank facilities: Stable

CRISIL Ratings believes IGESL will continue to benefit from its strong linkages with IWL. The business risk profile of IWL will be driven by its healthy order book and growing O&M portfolio. The financial risk profile will continue to be supported by the INOX-GFL group.

 

Rating sensitivity factors for other bank facilities

Upward factors

  • Significant improvement in order execution leading to growth in revenue with operating margin sustained above 15% for IWL
  • Significant improvement in the working capital management leading to improvement in the financial risk profile of IWL

 

Downward factors

  • Change in the shareholding of, or support from, the INOX-GFL group
  • Lower-than-expected revenue leading to operating margin sustaining below 10% for IWL

Adequacy of credit enhancement structure

GFL has provided an unconditional and irrevocable guarantee for the rated facilities and instruments, ensuring timely payment of interest and principal obligations.

Unsupported ratings - ‘CRISIL A’

CRISIL Ratings has introduced the ‘CE’ suffix for instruments with an explicit credit enhancement feature, in compliance with the Securities and Exchange Board of India circular dated June 13, 2019.

Key drivers for unsupported ratings

For arriving at the unsupported rating, CRISIL Ratings has applied its parent notch-up framework to factor in the support received by IGESL from IWL.

About the Company

IGESL was incorporated as a wholly owned subsidiary of IWL in May 2012. The company offers O&M and common infrastructure facility services for wind turbine generators manufactured and supplied by IWL. It manages around 3,000 MW of wind turbine generators pan-India.

About IWL

IWL was incorporated in April 2009 under the INOX-GFL group. It manufactures nacelles, hubs, rotor blades and towers, which are used to make wind turbines. It also provides associated services such as O&M of wind turbines, project execution and infrastructure development for wind farms. The company has four units: one each at Una in Himachal Pradesh for nacelles and hubs, Rohika in Gujarat for blades and towers, Barwani in Madhya Pradesh for nacelles, hubs, blades and towers, and a newly tied-up nacelle manufacturing facility at Bhuj in Gujarat.

 

In fiscal 2024, the company's profit after tax (PAT) was negative Rs 51 crore and operating income was Rs 1,743 crore, against negative Rs 697 crore and Rs 733 crore, respectively, in the previous fiscal.

 

About GFL

GFL, which houses the chemicals business of the INOX-GFL group, has a diverse product portfolio, including caustic soda, chloromethanes, polytetrafluoroethylene (PTFE), hydrochlorofluorocarbons (HCFCs) and value-added products. The company is one of the largest chemical players in India, with installed capacity of 65,000 tonne per annum (TPA) of HCFC, 16,200 TPA of PTFE, 134,750 TPA of caustic soda and 108,500 TPA of chloromethane.

Key Financial Indicators for Inox Wind (consolidated)

As on / for the period ended March 31

Unit

2024

2023

Revenue

Rs crore

1743

740

Profit after tax (PAT)

Rs crore

-43

-671

PAT margin

%

NM

NM

Adjusted debt / adjusted networth

Times

0.31

0.64

Interest coverage

Times

1.31

-0.71

 

List of covenants

* The guarantor irrevocably and unconditionally guarantees the debenture trustee due and punctual payment of the entire obligation and the performance and discharge of all obligations by the issuer, in accordance with the terms of the transaction documents.

* During the subsistence of the deed, the guarantor shall have no right to terminate its obligation under the deed, and any such right is excluded.

Any other information: Not Applicable

Note on complexity levels of the rated instrument:
CRISIL Ratings` complexity levels are assigned to various types of financial instruments and are included (where applicable) in the 'Annexure - Details of Instrument' in this Rating Rationale.

CRISIL Ratings will disclose complexity level for all securities - including those that are yet to be placed - based on available information. The complexity level for instruments may be updated, where required, in the rating rationale published subsequent to the issuance of the instrument when details on such features are available.

For more details on the CRISIL Ratings` complexity levels please visit www.crisilratings.com. Users may also call the Customer Service Helpdesk with queries on specific instruments.

Annexure - Details of Instrument(s)

ISIN Name of instrument Date of allotment Coupon rate (%) Maturity date Issue size (Rs.Crore) Complexity Rating assigned with outlook
NA Term loan NA NA 14-Aug-2024 11 NA CRISIL A/Stable
NA Term loan NA NA 31-Jan-2026 15.5 NA CRISIL A/Stable
NA Cash credit* NA NA NA 35 NA CRISIL A/Stable
NA Term loan NA NA 09-Mar-2024 30 NA CRISIL A/Stable
NA Bank guarantee NA NA NA 100 NA CRISIL A1
INE510W08035 Long-term principal protected market linked debentures 20-Sep-2022 GSEC LINKED 20-Sep-2024 75 Highly Complex CRISIL PPMLD AA+ (CE) /Stable

*Interchangeable with non-fund-based facilities

Annexure - Rating History for last 3 Years
  Current 2024 (History) 2023  2022  2021  Start of 2021
Instrument Type Outstanding Amount Rating Date Rating Date Rating Date Rating Date Rating Rating
Fund Based Facilities LT 91.5 CRISIL A/Stable   -- 09-11-23 CRISIL A-/Stable,CRISIL AA+ (CE) /Stable 29-12-22 CRISIL BBB+/Positive,CRISIL AA (CE) /Positive 13-10-21 CRISIL AA (CE) /Negative,CRISIL BBB/Stable CRISIL AA (CE) /Negative
      --   -- 01-09-23 CRISIL BBB+/Stable,CRISIL AA+ (CE) /Stable 23-09-22 CRISIL AA (CE) /Stable,CRISIL BBB/Stable 07-10-21 CRISIL AA (CE) /Negative,CRISIL BBB/Stable --
      --   -- 07-08-23 CRISIL BBB+/Stable,CRISIL AA+ (CE) /Stable 14-09-22 CRISIL AA (CE) /Stable,CRISIL BBB/Stable 06-09-21 CRISIL AA (CE) /Negative,CRISIL BBB/Stable --
      --   -- 03-02-23 CRISIL BBB+/Positive,CRISIL AA (CE) /Positive 03-06-22 CRISIL AA (CE) /Stable,CRISIL BBB/Stable 03-08-21 CRISIL AA (CE) /Negative --
Non-Fund Based Facilities ST 100.0 CRISIL A1   -- 09-11-23 CRISIL A2+ 29-12-22 CRISIL A2 13-10-21 CRISIL A1+ (CE) CRISIL A2
      --   -- 01-09-23 CRISIL A2 23-09-22 CRISIL A1+ (CE) 07-10-21 CRISIL A1+ (CE) --
      --   -- 07-08-23 CRISIL A2 14-09-22 CRISIL A1+ (CE) 06-09-21 CRISIL A1+ (CE) --
      --   -- 03-02-23 CRISIL A2 03-06-22 CRISIL A1+ (CE) 03-08-21 CRISIL A3+ --
Non Convertible Debentures LT   --   -- 01-09-23 Withdrawn 29-12-22 CRISIL AA (CE) /Positive 13-10-21 CRISIL AA (CE) /Negative CRISIL AA (CE) /Negative
      --   -- 07-08-23 CRISIL AA+ (CE) /Stable 23-09-22 CRISIL AA (CE) /Stable 07-10-21 CRISIL AA (CE) /Negative --
      --   -- 03-02-23 CRISIL AA (CE) /Positive 14-09-22 CRISIL AA (CE) /Stable 06-09-21 CRISIL AA (CE) /Negative --
      --   --   -- 03-06-22 CRISIL AA (CE) /Stable 03-08-21 CRISIL AA (CE) /Negative --
Long Term Principal Protected Market Linked Debentures LT 75.0 CRISIL PPMLD AA+ (CE) /Stable   -- 09-11-23 CRISIL PPMLD AA+ (CE) /Stable 29-12-22 CRISIL PPMLD AA r (CE) /Positive   -- --
      --   -- 01-09-23 CRISIL PPMLD AA+ (CE) /Stable 23-09-22 CRISIL PPMLD AA r (CE) /Stable   -- --
      --   -- 07-08-23 CRISIL PPMLD AA+ (CE) /Stable 14-09-22 Provisional CRISIL PPMLD AA r (CE) /Stable   -- --
      --   -- 03-02-23 CRISIL PPMLD AA (CE) /Positive   --   -- --
All amounts are in Rs.Cr.
Annexure - Details of Bank Lenders & Facilities
Facility Amount (Rs.Crore) Name of Lender Rating
Bank Guarantee 60 ICICI Bank Limited CRISIL A1
Bank Guarantee 40 YES Bank Limited CRISIL A1
Cash Credit^ 10 YES Bank Limited CRISIL A/Stable
Cash Credit^ 25 ICICI Bank Limited CRISIL A/Stable
Term Loan 11 ICICI Bank Limited CRISIL A/Stable
Term Loan 30 ARKA Fincap Limited CRISIL A/Stable
Term Loan 15.5 YES Bank Limited CRISIL A/Stable
^Interchangeable with non-fund based facilities
Criteria Details
Links to related criteria
CRISILs Approach to Financial Ratios
Meaning and applicability of SO and CE symbol
Rating criteria for manufaturing and service sector companies
Criteria for rating instruments backed by guarantees
CRISILs Bank Loan Ratings - process, scale and default recognition
Criteria for Notching up Stand Alone Ratings of Companies based on Parent Support
CRISILs Criteria for rating short term debt

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CRISIL Ratings uses the prefix 'PP-MLD' for the ratings of principal-protected market-linked debentures (PPMLD) with effect from November 1, 2011, to comply with the SEBI circular, "Guidelines for Issue and Listing of Structured Products/Market Linked Debentures". The revision in rating symbols for PPMLDs should not be construed as a change in the rating of the subject instrument. For details on CRISIL Ratings' use of 'PP-MLD' please refer to the notes to Rating scale for Debt Instruments and Structured Finance Instruments at the following link: https://www.crisil.com/en/home/our-businesses/ratings/credit-ratings-scale.html