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Ind Ra affirms ratings of Shree Renuka Sugars and its NCDs at 'A-/Positive'

19 Aug 2022 , 12:26 PM

The Positive Outlook reflects the likelihood of a sustained improvement in SRSL's business profile.
India Ratings and Research (Ind-Ra) has affirmed the long-term issuer rating of Shree Renuka Sugars Limited (SRSL) at ‘IND A-’. The Outlook is Positive.
As per the rating rationale report, Ind-Ra continues to factor in SRSL’s strong legal, operational and strategic linkages with its ultimate parent, Wilmar International Limited (Wilmar), and the continued healthy support that it receives from Wilmar to arrive at the ratings. 
Furthermore, the agency continues to take a standalone approach, while factoring in the modest impact from the proposed merger of four of its subsidiaries (Gokak Sugars Limited, Monica Trading Private Limited, Shree Renuka Agri Ventures Limited and Shree Renuka Tunaport Private Limited).
The Positive Outlook reflects the likelihood of a sustained improvement in SRSL's business profile with the doubling of its distillery capacity along with the likelihood of a gradual deleveraging with the ramp-up of the new capacities leading to an improvement in the financial profile.

At around 12:16 PM, Shree Renuka Sugars Ltd was trading at Rs44.90 per share down by Rs0.8 or 1.75% from its previous closing of Rs45.70 per share on the BSE.

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