Edelweiss Financial gains after ICRA upgrades outlook to stable

Edelweiss Financial Services advanced 1.22% to Rs 53.80 after the company announced that ICRA had re-affirmed the credit rating of [ICRA]A+ on the retail NCD programme of the company.

June 27, 2022 11:28 IST | capital market
ICRA has upgraded the outlook on the same to stable from negative. The upgrade in the outlook reflects the Groups stable financial performance and sustained debt reduction coupled with the strong fundamentals and improved outlook for the business. As reported by ICRA, the reaffirmation of the rating takes into account the Groups established position in the financial services industry, its long-standing experience in the capital market related business, its diversified business profile with a presence in the asset reconstruction, asset management segment, and a healthy stream of fee and advisory income. ICRA has revised the outlook on the long-term rating to stable on back of sustained reduction in debt level, improving financial performance in key segments, adequate capitalisation, and improvement in outlook for the real estate sector. Rashesh Shah, chairman, Edelweiss Group, said: At Edelweiss, our continued focus has been on building resilience and strength to shield against short-term disruptions while creating long-term value through gradually scaling our businesses. The revision demonstrates our strong business fundamentals and stable financial performance. We continue to fortify our balance sheet and remain focused on our priorities of value unlocking for our shareholders as we continue to invest in growth.? Edelweiss Financial Services, on a standalone basis, is primarily engaged in investment banking services and provides development, managerial and financial support to the businesses of the Edelweiss group entities. During the nine months of fiscal 2022, the group reported net profit of Rs 167 crore on total income of Rs 5,389 crore, compared to net loss of Rs 382 crore and total income of Rs 6,367 crore during corresponding period in previous fiscal.Powered by Capital Market - Live News

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