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.