Sona BLW Precision Forgings rose 2.19% to Rs 775.15 after the company said that India Ratings and Research has upgraded its long-term issuer rating to 'IND AA' from 'IND AA-' with 'Stable' outlook.
India Ratings said that the upgrade reflects the company's improved business profile with a more diversified revenue base and increasing contribution from the powertrain agnostic segment, along with a significant increase in its revenues as well as absolute EBITDA over FY21-1HFY22.
The upgrade also reflects the rating agency's expectation that the company would be able to sustain the growth demonstrated over the medium term supported by a strong order book.
Sona BLW Precision Forgings (Sona Comstar) manufactures precision forged bevel gears, differential case assemblies and synchroniser rings for automotive and other applications at its five manufacturing plants, three in Gurgaon, one in Manesar and one in Pune.
The company's consolidated net profit rose 22.27% to Rs 88.23 crore on a 52.40% increase in net sales to Rs 585.69 crore in Q2 FY22 over Q2 FY21.
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