Graphite India says ICRA reaffirms long term ratings at AA+

The outlook on the long term rating has been revised from stable to negative.

Mar 28, 2020 07:03 IST capital market

Graphite India on Friday (27 March) announced that ICRA has reaffirmed the long term rating for Rs 1,000 crore line of credit for working capital of the company at [ICRA] AA+ (pronounced ICRA double A plus). The outlook on the long term rating has been revised from stable to negative.

Further, ICRA reaffirmed the short term rating for Rs 1,000 crore line of credit for working capital of the company at [ICRA] A1+ (pronounced ICRA A one plus).

Shares of Graphite India rose 4.98% to Rs 118.15 on Friday. The stock has tanked 51% in last one month compared to a 26% fall in benchmark Nifty 50 index in the same period.

On a consolidated basis, Graphite India reported net loss of Rs 353 crore in Q3 December 2019 compared with net profit of Rs 764 crore in Q3 December 2018. Net sales dropped 65.3% to Rs 643 crore in Q3 December 2019 over Q3 December 2018.

Graphite India is engaged in the manufacturing graphite electrodes, graphite equipments, steel, glass reinforced plastic (GRP) pipes and tanks and generation of hydel power. The firm operates through three segments: graphite and carbon, steel and others.

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