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CARE assigns 'A2+' rating on Saksoft's short-term bank facilities; stock dips 1%

The outlook has been revised from stable to positive.

September 08, 2021 11:14 IST | India Infoline News Service
Saksoft Ltd has informed that Credit Analysis & Research Limited (CARE) ratings has assigned the rating as CARE A2+ for short term bank facilities of the Company and reaffirmed the rating assigned to the long term bank facilities of the Company.

The outlook has been revised from stable to positive. 

According to the rationale report, the rating assigned to the bank facilities of Saksoft takes into account the comfortable financial risk profile of the company marked by minimal debt, comfortable debt coverage indicators and adequate liquidity.

The rating continues to derive strength from the company’s long operational track record and vast industrial experience of the promoters with a well-qualified management team and Saksoft’s integrated capabilities and strong relationship with customers enabling repeat orders.

However, the rating remains constrained by intense competition in the IT industry, risk of client and geographic concentration.

The outlook has been revised to positive as CARE Ratings believes that the shift towards digital transformation post COVID would augur well for the company’s growth improving scale and diversification of revenue base.

At around 11:15 AM, Saksoft was trading at Rs908.55 apiece down by Rs10.8 or 1.17% on the BSE.

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