CARE reaffirms rating on IOL Chemicals' bank facilities; stock rises

5 Jul 2022 , 02:29 PM

CARE Ratings Limited, a rating agency has reaffirmed the rating assigned to IOL Chemicals and Pharmaceuticals Limited’s long-term and short-term bank facilities.

Rating on Long-term facilities worth Rs140 crore has been reaffirmed at ‘CARE A+’, with a Stable outlook.

Company’s short-term facilities worth Rs410 crore (enhanced from RS210 crore) have been assigned (reaffirmed) a ‘CARE A1+’ rating.

The reaffirmation of the ratings assigned to IOL Chemicals and Pharmaceuticals Limited (IOLCPL) bank facilities demonstrates that the company continues to benefit from experienced promoters and management team, diversified product offering, and well-established position in its key product, ibuprofen.

The ratings are also comforted by integrated manufacturing facilities, a strong financial risk profile characterized by low debt levels, and a strong liquidity position.

At around 2.40 PM, IOL Chemicals & Pharmaceuticals was trading at Rs330.70 up by Rs1.35 or 0.41% from its previous closing of Rs329.35 on the BSE. The scrip touched intraday high and low of Rs340.45 and Rs330.40 respectively.