CRISIL reaffirms rating on Gufic Biosciences' facilities worth Rs275 crore; stock skids ~1%

13 Oct 2022 , 12:44 PM

Gufic Biosciences Limited informed that CRISIL Ratings reaffirmed ‘CRISIL BBB+’ rating on the long-term bank facilities of the company. The rating agency has given a ‘Positive’ outlook to these instruments.

Further, the rating agency has reaffirmed the ‘CRISIL A2′ rating on the short-term bank facilities of the company.

CRISIL has reviewed total bank facilities worth Rs275 crore, which has been enhanced from Rs145 crore.

The ratings reflect GBL’s established market position in the pharmaceutical industry, as well as its well-established client base and comfortable financial risk profile. These advantages are compensated partially by sensitivity to changes in government rules, a substantial working capital requirement, and exposure to hazards associated with the continuing project stated CRISIL in its rationale.

GBL’s business risk profile, according to CRISIL Ratings, will continue to strengthen over the medium term, driven by expanding the scale of operations while maintaining operating margins. While, the financial profile will remain solid notwithstanding expenditures.

At around 12.49 PM, Gufic BioSciences was trading at Rs217.30 up by 0.25% from its previous closing of Rs216.75 on the BSE. The scrip touched intraday high and low of Rs222.55 and Rs215.85 respectively.

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