Ind Ra revises Manorama Industries' outlook to positive, affirms rating; Stock climbs 1%

20 Oct 2022 , 02:58 PM

India Ratings and Research (Ind-Ra) has revised Manorama Industries Limited’s (MIL) Outlook to Positive from Stable while affirming its Long-Term Issuer Rating at ‘IND BBB+’.

According to the rationale report, the Positive Outlook reflects Ind-Ra’s expectation of an improvement in MIL’s revenue, profitability and credit metrics in FY23, following the commencement of operations at its new facilities in 2HFY23.

“A significant improvement in the scale of operations with the successful completion of the ongoing capex, while maintaining the credit metrics and liquidity all on a sustained basis will be positive for the ratings”, said  the rating agency.

At around 2:59 PM, Manorama Industries was trading at Rs1280.60 per share higher by 1.33% on the BSE.

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