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ICRA upgrades Outlook of Edelweiss’ Retail NCD Programme; stock adds ~1%

ICRA has revised the long-term rating outlook to stable, citing sustained debt reduction, improved financial performance in key segments, adequate capitalization, and an improved outlook for the real estate sector.

June 27, 2022 10:41 IST | India Infoline News Service
Edelweiss Financial Services Limited (EFSL), announced that ICRA, one of India’s leading credit rating agencies, has upgraded the outlook from Negative to Stable for the Retail NCD Programme of the Company.

Further, the rating agency has re-affirmed the credit rating assigned to the programme to ‘ICRA A+’.

According to ICRA, the reaffirmation of the rating considers the Group's established position in the financial services industry, its long-standing experience in the capital market related business, its diversified business profile with a footprint in the asset reconstruction, asset management segment, and a healthy stream of fee and advisory income.

ICRA has revised the long-term rating outlook to stable, citing sustained debt reduction, improved financial performance in key segments, adequate capitalization, and an improved outlook for the real estate sector.

In FY22, the Company reported consistent performance, with resilient businesses generating a healthy stream of fee and advisory income and continuing to scale up Customer assets. A comfortable liquidity position and a deleveraged balance sheet provide additional strength to the company.

Edelweiss Financial is currently trading at Rs53.95 up by Rs0.8 or 1.51% from its previous closing of Rs53.15 on the BSE. The scrip opened at Rs54 and has touched intraday high and low of Rs54.75 and Rs53.40 respectively.

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