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CRISIL upgrades 'BBB+/Stable' rating on Dharamsi Morarji Chemicals' bank facilities

The rating continues to reflect TDMCC’s established market position in the chemical industry and an above-average financial risk profile.

December 08, 2021 12:25 IST | India Infoline News Service
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CRISIL Ratings has upgraded its rating on the bank loan facilities of The Dharamsi Morarji Chemical Company Limited (TDMCC) to ‘CRISIL BBB+/Stable’ from ‘CRISIL BBB/Stable’ and assigned ‘FA-/Stable’ rating on TDMCC’s fixed deposit programme.

According to the rationale, the rating upgrade action reflects improved business risk profile driven by increased contribution from speciality segment, growth in revenue and healthy profitability levels. 

The rating continues to reflect TDMCC’s established market position in the chemical industry and an above-average financial risk profile. These strengths are partially offset by exposure to volatile end products and raw material prices and regulatory risks.

At around 12:26 PM, Dharamsi Morarji Chemicals was trading at Rs320.95 apiece up by Rs1.65 or 0.52% on Sensex.

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