CRISIL upgrades rating on Butterfly Gandhimathi Appliances' bank facilities

CRISIL believes BGAL’s business risk profile will improve over the medium term, backed by its established position in the domestic kitchen appliance industry.

Mar 26, 2021 11:03 IST India Infoline News Service

CRISIL Ratings has upgraded the ratings on the bank facilities of Butterfly Gandhimathi Appliances Limited (BGAL) to CRISIL A- with Stable outlook and CRISIL A2+ from CRISIL BBB+with Stable outlook and CRISIL A2.

According to the Rationale report the upgrade reflects that BGAL shall sustain the improvement in its business performance over the medium term.

The ratings continue to reflect BGAL’s established brand and diversified product profile, along with its comfortable financial risk profile. These strengths are partially offset by intense competition in the cookware/kitchen appliance industry and susceptibility of operating profitability to volatility in raw material prices.

CRISIL believes BGAL’s business risk profile will improve over the medium term, backed by its established position in the domestic kitchen appliance industry.

Butterfly Gandhimathi Appliances was currently trading at Rs535.35 per piece up by Rs9.4 or 1.79% from its previous closing of Rs525.95 per piece on Sensex, at around 11:40 AM




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