Acuite reaffirms ratings assigned to Lux Industries' bank facilities

6 Jun 2022 , 09:49 AM

Lux Industries Limited informed that the rating agency Acuite Ratings & Research Limited has reaffirmed the credit rating assigned to Bank facilities of the Company with revision in the amount involved.

The rating agency has reaffirmed ‘ACUITE AA+’ rating of the company’s long-term bank facilities. The amount of long-term facilities reviewed has been revised from the existing Rs374.18 crore to Rs464.18 crore. The outlook for the same has been given as Stable.

The rating agency has reaffirmed the rating of short-term bank facilities at ‘ACUITE A1+’.

The rating reaffirmation is driven by the strong business risk profile of the company, marked by higher hosiery market penetration through consistent expansion in the distribution network, brand outlets, substantial growth in revenues, and operating profits in 9MFY21 as compared to the same period last year.

Lux Industries is currently trading at Rs1,983 down by Rs0.25 or 0.01% from its previous closing of Rs1,983.25 on the BSE.  The scrip opened at Rs1,988.10 and has touched intraday high and low of Rs1,989.10 and Rs1,961.30 respectively.