Ind Ra upgrades Xpro India to 'IND BBB+' with Stable outlook; Stock zooms 4.5%

12 Aug 2022 , 01:30 PM

India Ratings and Research (Ind-Ra) has upgraded Xpro India Limited (XIL)’s Long-Term Issuer Rating to ‘IND BBB+’ from ‘IND BBB’. The Outlook is Stable.

As per the rationale report, the upgrade reflects a growth in XIL’s scale of operations in FY22, driven by an increase in sales volumes and realisations resulting from improved demand for Biax di-electric films.

The upgrade also factors in an improvement in the company’s operating profitability and credit metrics, along with an improvement in its liquidity position in FY22.

At around 1:31 PM, XPRO India was currently trading at Rs814 per share up by Rs36.2 or 4.65% from its previous closing of Rs777.80 per share on the BSE.