ICRA revises ratings on Khadim India’s overall bank borrowings; Stock gains over 1%

The rating on long-term bank borrowings has been revised to ICRA BBB- with a Stable outlook from ICRA BBB with Negative outlook.

Apr 09, 2021 10:04 IST India Infoline News Service

IT Stocks Up
ICRA Limited has revised its ratings with respect to overall Bank Borrowings of Khadim India Limited for an aggregate amount of Rs204cr.

The rating on long-term bank borrowings has been revised to ICRA BBB- with a Stable outlook from ICRA BBB with a Negative outlook.

The short-term rating has been revised to ICRA A3 from lCRA A3+.

“Unfavourable domestic demand growth prospects due to the Covid-19 Pandemic. Increase in net loss in 9MFY2021 as compared to net loss in 9M FY2020 and high working capital intensity of operations,” are the reasons behind such revision in rating, as stated by ICRA Limited, company said in a regulatory filing on Thursday.

Ata round 11.00 am, Khadim India Ltd was trading at Rs150.00 per piece up Rs1.80 or 1.21% from its previous closing of Rs148.20 per piece on the BSE.

Related Story

Open Free Demat Account (Rs699)