Brickwork upgrades ratings on bank loan facilities of Ganesh Housing Corporation; Stock slumps 3.5%

4 Mar 2022 , 11:02 AM

Brickwork Ratings India Pvt. Ltd. has upgraded the ratings of Bank Loan Facilities (long-term) of Ganesh Housing Corporation Limited by 3 notches from BWR B- to BWR BB- and outlook has been upgraded from Negative to Stable.

Brickwork’s observations, inter-alia, state that the upgrade in the rating reflects improved financials, a significant reduction in debt, improved leverage metrics, cash inflow receipts from sales of land parcels, improved cash flows as the company has already received customer advances of Rs72 core from the running projects, and monetization of the land bank resulted in a reduction in debt indeed resulting in improved gearing ratio, company said in a filing on Thursday.

At around 11.05 pm, Ganesh Housing Corporation Ltd was trading at Rs213.55 per piece down by Rs7.65 or 3.46% from its previous closing of Rs221.20 per piece on the BSE.