CARE reaffirms credit ratings of Arvind Fashions; Stock gains ~2%

16 Mar 2022 , 09:56 AM

CARE Ratings has reaffirmed the credit ratings of the instruments/Facilities of Arvind Fashions Limited. The rating on long-term / short-term bank facilities has been reaffirmed at CARE A- (stable outlook) / CARE A2+.

“Rating agency took note of recovery in Company’s operational performance during Q3FY22 resulting in improvement in PBILDT margins and registering net profit after many quarters of losses along with improvement in debt coverage indicators on the back of reasons mentioned above and significant reduction in debt,” company said in a filing on Wednesday.

At around 9.58 am, Arvind Fashions Ltd was trading at Rs269.35 per share up by Rs4.9 or 1.85% from its previous closing of Rs264.45 per share on the BSE.

The scrip opened at Rs268.90 and has touched a high and low of Rs270.75 and Rs268.45 respectively.