ICRA revises outlook to Positive of Indian Metals & Ferro Alloys, reaffirms rating

The rating upgrade and revision in outlook factors in the better-than-expected financial performance of the company.

Sep 28, 2021 11:09 IST India Infoline News Service

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Indian Metals & Ferro Alloys Ltd has informed that ICRA Limited on September 27, 2021 has upgraded the rating of the Company for the Long term and Short Term loan facilities from the Banks.

For long-term bank facilities ICRA upgrades the rating to [ICRA]A+ from [ICRA]A. The outlook also has been revised to "Positive" from "Stable".

For short-term bank facilities ICRA upgrades to [ICRA]A1+ from [ICRA]A1.

According to the rationale, the rating upgrade and revision in outlook factors in the better-than-expected financial performance of Indian Metals & Ferro Alloys Limited (IMFA) in FY2021, as reflected in the company’s healthy revenue growth, a rise in operating profits and an improvement in the profit margins.

The strong performance continued in Q1 FY2022 with the company posting its best-ever quarterly performance in the recent years with a ~35% quarter-on-quarter (QoQ) growth in the operating profits.

At around 11:40 AM, Indian Metals & Ferro Alloys was trading at Rs697 per piece up by Rs10.35 or 1.51% on the BSE.

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