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ICRA reaffirms credit ratings to Unichem Laboratories' bank facilities; Stock tumbles 8%

The outlook on the long term rating has been revised to negative from stable.

November 29, 2021 2:42 IST | India Infoline News Service
Unichem
Unichem Laboratories Ltd has informed that ICRA Ltd has reaffirmed the long-term rating on the Rs176cr bank facilities of the Company to [ICRA] A (pronounced ICRA A).

The outlook on the long term rating has been revised to negative from stable.

This rating indicates to have adequate degree of safety regarding servicing of financial obligations. Such instruments carry low credit risk, siad company in a regulatory filing.

The revision in outlook to Negative factors in the pressure on Unichem Laboratories Limited’s(Unichem) margins in the current fiscal as evident from the sharp dip in profitability levels in H1 FY2022.

The rating also factors in Unichem’s backward-integrated capabilities, which have been enhanced over the past couple of years and provide a competitive advantage. ICRA favourably notes its clean track record with respect to regulatory inspections. 

At around 2:43 PM, Unichem Laboratories was trading at Rs219.25 apiece down by Rs18.65 or 7.84% on Sensex.

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