The outlook is stable,? the credit rating agency said in a statement. India Ratings said that the upgrade follows a substantial improvement in SSWLs credit metrics on account of a solid improvement in the operating performance, and an increased share of higher-margin business (alloy + exports) in the revenue, leading to a significant improvement in business profile. It further stated that a significant and sustained YoY improvement in the revenue and profitability, maintaining increased proportion of higher margin businesses, along with a reduction in the working capital cycle, maintaining positive free cash flows (FCF), while reducing the adjusted net leverage (net debt adjusted for letter of credit (LC) acceptances/EBITDA) below 1.5x, all on a sustained basis; and reducing the pledging of promoter shares, could lead to the ratings being upgraded. However, a decline in the revenue or profitability, stretch in the working capital cycle, or any large debt-funded organic or inorganic capex, leading to the adjusted net leverage being above 2.5x, could lead to a negative rating action. Steel Strips Wheels manufactures steel wheel rims in the range of 10-to-30-inch diameter for PVs, utility vehicles, tractors, trucks, two wheelers, among others. The companys net profit rose 9.7% to Rs 48.89 crore on 51.9% rise in net sales to Rs 1,063.26 crore in Q4 FY22 over Q4 FY21. Powered by Capital Market – Live News
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