CRISIL revises Titagarh Wagons' rating outlook to 'Positive', reaffirms rating

3 Aug 2022 , 02:12 PM

Titagarh Wagons Limited (TWL) has informed that CRISIL Ratings has revised the outlook on the long-term bank facilities to ‘Positive’ from ‘Stable’. The rating agency also reaffirmed the rating at ‘CRISIL A-’ while the short-term rating is reaffirmed at ‘CRISIL A2+’.

The revision in outlook reflects CRISIL’s expectation that the credit risk profile of the company may improve in the near term on account of higher revenue visibility from new orders.

As per the rating rationale report, the ratings continue to factor in company’s established market position in the wagon manufacturing industry.

CRISIL Ratings has combined the business and financial risk profile of TWL and its subsidiary Titagarh Bridges & International Pvt Ltd (TBIPL) since the subsidiary is in the process of getting amalgamated with TWL during fiscal 2023.

At around 2:11 PM, Titagarh Wagons was trading at Rs124.30 per share down by Rs2.25 or 1.78% from its previous closing of Rs126.55 per share on the BSE.