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CRISIL upgrades rating of Balrampur Chini Mills' long-term bank facilities to 'AA+/Stable'

The commercial paper has been reaffirmed at ‘CRISIL A1+’.

November 29, 2021 9:22 IST | India Infoline News Service
Balrampur Chini Mills
CRISIL Ratings has upgraded its rating on the long-term bank facilities of Balrampur Chini Mills Ltd (BCML) to ‘CRISIL AA+/Stable’ from 'CRISIL AA/Positive’.

The commercial paper has been reaffirmed at ‘CRISIL A1+’.

As per reationale report, amount under the rated commercial paper has been reduced to Rs900cr from Rs1,200cr, following a request from the company, and in line with the policy of CRISIL Ratings on the same.

The rating action factors in the enhanced business risk profile, driven by growing diversity and better profitability from the distillery division, with ethanol produced being supplied at remunerative prices for blending with gasoline. 

The ratings reflect the dominant market position of BCML in North India, established relationships with farmers, diversified revenue profile, superior and improving operating efficiencies and a strong financial risk profile. 

Using the capital allocation approach, CRISIL Ratings has arrived at the adjusted networth of BCML by knocking off the investment in Auxilo Finserve Pvt Ltd (‘CRISIL A/Stable/CRISIL A1’), wherein BCML holds a 45.05% stake. As on March 31, 2021, the investments were valued at Rs157.5cr.

At around 9:23 AM, Balrampur Chini Mills was trading at Rs311.75 apiece down by Rs8.75 or 2.73% on the BSE.

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