CARE revises â€˜Positive' outlook on Faze Three's bank facilities worth Rs155 crore; stock skids ~2.5%
India Infoline News Service |
07 Sep, 2022 |
Faze Three Limited informed that CARE Rating Limited has re-affirmed the credit rating with a revision in outlook to Positive.
CARE has given a 'CARE A-/CARE A2+' rating to the Company's Long-term/short-term bank facilities of Rs155 crore.
The reaffirmation of Faze Three Limited's (FTL) rating with a positive outlook is based on the improvement in the scale of operations based on almost full utilisation of the former capacity and the significant improvement in FY22 over FY21 and in Q1FY23 results over Q1FY22 (growth in revenue of 55.82% in FY22 over FY21).
The profit before interest, lease rentals, depreciation, and taxation (PBILDT) margin of 17.25% in FY22 over 15.27% in FY21, resulting in a better profit-after-tax (PAT) margin for the company, stated CARE in its rating rationale.
CARE Ratings forecasts that the firm will continue to profit from the change in demand from American and European markets to China for textile products, which has resulted in enhanced sales visibility in the future years.
At around 2.22 PM, Faze Three was trading at Rs345 down by 2.5% from its previous closing of Rs353.85 on the BSE. The scrip touched intraday high and low of Rs357 and Rs342 respectively.
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