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Ind Ra assigns credit ratings to Gokul Agro Resources; Stock jumps 5%

Ind Ra has assigned Gokul Agro Resources a Long-Term Issuer Rating of ‘IND BBB+.

November 25, 2021 12:12 IST | India Infoline News Service
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India Ratings and Research (Ind-Ra) has assigned Gokul Agro Resources Limited (Gokul) a Long-Term Issuer Rating of ‘IND BBB+’. The Outlook is Stable. Short-term ratings has been assigned as IND A2.

To arrive at the ratings, Ind-Ra has taken a consolidated view of Gokul and its wholly owned subsidiary Maurigo Pte Ltd. and step-down subsidiaries Riya International Pte Ltd., Maurigo Indo Holdings Pte Limited and PT. Riya Palm Lestari due to strong operational and strategic linkages.

The rating agency expects that a sustained improvement in the scale of operations and profitability, leading to the adjusted interest coverage rising above 3x on a sustained basis, will lead to the positive rating action.

On Sensex, at around 12:13 PM, Gokul Agro was trading at Rs68.10 per piece higher by 4.93% on Sensex.

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