ICRA assigns ‘A1+' rating to Surya Roshni's commercial paper worth Rs200 crore

6 Apr 2022 , 12:08 PM

Surya Roshni Limited has informed that on surveillance ICRA Ratings has assigned Credit Rating to ICRA Al+ for Rs200 crore Commercial Paper Program of Surya Roshni Limited. It further stated that it has withdrawn the CRA A I+ (CE) rating assigned earlier for the said program.

The company states that the assigned rating draws strength from the company’s strong operational profile, backed by its established market position in the domestic electric resistance welded (ERW) pipes industry, its geographically-diversified manufacturing base and a pan-India distribution network, long-standing track record of over four decades and its established brand, “Surya” and “Prakash Surya”.

ICRA notes that the steps being taken by the company to streamline its working capital cycle are favourably contributing to the company’s cash flow generation and have enabled the company to prepay part of its debt obligations, facilitating faster deleveraging of its balance sheet.

Surya Roshni is currently trading at Rs454.35 down by Rs4.8 or 1.05% from its previous closing of Rs459.15 on the BSE. The scrip has touched day’s high and low of Rs462 and Rs452 respectively.