CRISIL upgrades rating on Synergy Green's bank facilities and fixed deposits

The ratings continue to reflect the promoters’ extensive experience in manufacturing iron castings and their funding support.

Jun 25, 2021 12:06 IST India Infoline News Service

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CRISIL Ratings has upgraded its ratings on the bank facilities and fixed deposits of Synergy Green Industries Limited to 'CRISIL BBB-/FA-/Stable/CRISIL A3' from ‘CRISIL BB+/FB+/Positive/CRISIL A4+’.

According to the rationale, the rating upgrade reflects expected improvement in business risk profile with revenue likely to grow at around 35% over the medium term.

The ratings continue to reflect the promoters’ extensive experience in manufacturing iron castings and their funding support, company’s established clientele and moderate financial risk profile.

These strengths are partially offset by working capital-intensive operations, and susceptibility to volatility in raw material prices.

At around 12:30 PM, Synergy Green was trading at Rs112 per piece down by 8.94% on Sensex.

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