CARE reaffirms ‘CARE A3+' rating to Khadim India's short-term facilities; stock skids ~2%

12 Jul 2022 , 03:18 PM

Khadim India Limited informed that CARE Ratings have reaffirmed the ratings assigned to the company’s bank facilities worth Rs194.37 crore.
This includes long-term bank facilities worth Rs162.87 crore and short-term bank facilities worth Rs31.50 crore.

The rating agency has assigned a ‘CARE BBB’ rating to long-term facilities along with a Stable Outlook on the same.

Further, the rating of short-term facilities has been reaffirmed at ‘CARE A3+’.

The reaffirmation of the ratings assigned to Khadim India’s bank facilities reflects the improvement in financial performance during FY22 (refers to the period April 1 to March 31), despite the impact of the second wave of the pandemic in Q1FY22 and omicron in Q4FY22, which impacted retail demand, and an increase in GST rates on footwear below Rs1,000 per pair, which impacted demand in the distributor business segment.

At around 3.23 PM, Khadim India was trading at Rs196.35 down by Rs3.65 or 1.83% from its previous closing of Rs200 on the BSE. The scrip touched today’s high and low of Rs201.95 and Rs195.70 respectively.