Bank Facilities ratings has been reaffirmed to ICRA A+/Stable and ICRA A1 while Commercial Paper ratings has been reaffirmed to ICRA A1.
Further, ICRA has assigned a long-term rating of [ICRA]A+ (Stable) for Non-convertible Debenture programme of the Company.
For arriving at the ratings, ICRA has considered the consolidated financials of Varroc Engineering Limited (VEL) along with its subsidiaries/step-down subsidiaries, henceforth referred to as The Group/ Varroc.
The ratings continue to reflect Varroc’s established position as a leading auto component supplier in India and as an eminent automotive lighting supplier globally.
Varroc Engineering ended at Rs287.60 apiece up by Rs0.4 or 0.14% on the BSE.