ICRA upgrades credit ratings of Marine Electricals on improved order book position in HIFY22

24 Jan 2022 , 03:50 PM

ICRA Limited has upgraded the credit ratings of Marine Electricals (India) Limited. The long-term ratings have been upgraded to ‘ICRA BBB’ with ‘Stable’ outlook upgraded from ICRA BBB – with ‘Stable’ outlook.  For the short-term ratings, the ‘ICRA A3+’ rating has been upgraded from ICRA A3.

“ICRA has attributed positive revision in outlook to improved order book position and improved financial profile in HIFY22 led by pick up in revenues and recovery of pending receivables & other factors,” the company said in a filing on Monday.

 Marine Electricals (India) Limited ended at Rs35.00 per share down Rs1.70 or 4.63% on the NSE. The stock hit a 5% lower brand of Rs34.90 per piece during intraday trade on Monday.