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Ind-Ra upgrades Mangalam Drugs and Organics to 'IND BBB/Stable'

The rating upgrade reflects MD&OL’s robust revenue growth, healthy margins and improved credit metrics in FY21.

July 14, 2021 4:45 IST | India Infoline News Service
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India Ratings and Research (Ind-Ra) has upgraded the Mangalam Drugs and Organics Limited’s (MD&OL) Long-Term Issuer Rating to 'IND BBB'  from ‘IND BBB-’.

The rating upgrade reflects MD&OL’s robust revenue growth, healthy margins and improved credit metrics in FY21. Ind-Ra expects this trend to continue in FY22 as well.

Established in 1972 by the Dhoot family, MD&OL manufactures antimalarial, antiretroviral, antihypertensive, anti-inflammatory and other APIs, along with other pharmaceutical intermediaries. It has two manufacturing facilities in Vapi (Gujarat).

Mangalam Drugs and Organics ended at Rs168 apiece down by Rs3.1 or 1.81% on the BSE.

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