27 March 2024 – Suzlon Energy Ltd.’s shares increased in Wednesday’s trading after an upgrade to the company’s rating by rating agency Crisil. The stock increased 1.65% to close at Rs 37.70, the day’s high. The Suzlon Group said today that CRISIL Ratings has raised its ratings to ‘A‐’ with a Positive Outlook, reflecting the company’s improved financial standing, superior operational performance, and favorable industry tailwinds.
“The rating upgrade factors in a higher-than-expected improvement in the margins of the WTG business while maintaining healthy cash flow generation from the O&M services business and an uptick in the order book, providing visibility for future revenues,” it said.
“We are delighted with CRISIL’s bank facilities training upgrade, which aligns with our efforts to achieve financial flexibility and indicates the company’s robust financial position,” said Himanshu Mody, Chief Financial Officer, Suzlon Group. Reaching this goal is a result of our ongoing commitment to sustainable development, operational excellence, and solid financial management.
Conclusion
Repaying our term debt satisfactorily and increasing our financial flexibility puts us in a better position to take advantage of expanding possibilities in the renewable energy space and keep driving the industry.” The securities of Suzlon are now covered by the long-term ASM (Additional Surveillance Measure) framework, thanks to the BSE and NSE stock exchanges.
