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CRISIL revises long-term rating of Finolex Industries' bank facilities to 'CRISIL AA+/Stable'

26 May 2022 , 01:59 PM

Finolex Industries Limited informed that CRISIL Ratings Limited has assigned a revised credit rating to the company’s bank facilities.

The rating agency has revised the long-term rating to ‘CRISIL AA+/Stable’ from the existing ‘CRISIL AA/Positive’.

CRISIL has reaffirmed the short-term ratings at ‘CRISIL A1+’.

The rating agency has reviewed total bank facilities worth Rs1,378.25 crore.

The upgrade factors in the enhanced product diversity with the share of non-Agri products rising to around 40% during fiscal 2022, compared to 30-35% two years ago.

CRISIL stated in its rationale that the rating action also reflects the improved financial risk profile, as indicated by net cash position (cash and equivalent less gross debt) improving to over Rs1,500 crore as of March 31, 2022, from around Rs600 crore as on June 30, 2021.

It further informed that the ratings continue to reflect the established market position of FIL in the PVC resin and pipe segments, its high operating efficiency, driven by the integrated production process, and its strong financial risk profile.

Finolex Industries is currently trading at Rs138.70 down by Rs1.3 or 0.93% from its previous closing of Rs140 on the BSE. The scrip touched an intraday high and low of Rs143.25 and Rs138.10 respectively.

Related Tags

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  • CRISILRatings
  • FinolexIndustriesCreditRating
  • FinolexIndustriesNews
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  • FinolexIndustriesSharePrice
  • FinolexIndustriesStock
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