ICRA upgrades LT ratings of Maharashtra Seamless

8 Sep 2022 , 12:26 PM

The agency has assigned stable outlook on the long-term credit rating and has also reaffirmed the short-term rating at [ICRA] A1+?. The long-term rating upgrade factors in the companys stellar performance in FY2022 undeterred by two waves of COVID-19 coupled with an improvement in its liquidity position. The rating upgrade also factors in the companys reduced focus on non-core businesses and deleveraging guidance. The ratings assigned indicate high degree of safety regarding timely servicing of financial obligations and very low credit risk. Maharashtra Seamless (MSL) manufactures seamless pipes & tubes with the finest quality and wide product range using the world renowned CPE technology. MSL made a foray in the ERW pipe category and also started coated facility. The company has also diversified into renewable power generation and rig operations. The companys consolidated net profit jumped 59.91% to Rs 153.23 crore on a 93.25% increase in sales to Rs 1,334.37 crore in Q1 FY23 over Q1 FY22. The scrip rose 0.59% to currently trade at Rs 828.55 on the BSE. In the past six months, the stock has zoomed 62.39% while the benchmark Sensex has added 11.28% during the same period. Powered by Capital Market – Live News