Andrew Yule & Co. (AYCL) said that Acuite Ratings and Research Limited has upgraded the long-term rating on the bank facilities of the company to 'ACUIT? B' from 'ACUIT? C', with 'stable' outlook.
The agency has reaffirmed the short-term rating of ACUITA4 on the Rs. 38.10 crore bank facilities of AYCL.
The rating upgrade and transition from Issuer non-cooperating reflects the regularization of earlier delays as was reported by Credit Bureau Information.
The rating further takes into account the decreasing operating income and EBDITA losses, albeit moderate financial risk profile and stretched liquidity.
The rating also factors the benefits derived from diversified revenue segments and business acumen of management.
Andrew Yule and Co. is a public sector entity engaged primarily in the tea processing business. AYCL has several tea gardens in West Bengal and Assam. The company is a multiproduct, multi-unit, multi-location company with three operating divisions/units namely Tea Division (54% of revenues in FY24), Electrical-Chennai Operation (26% of revenues in FY24) and Engineering Division (20% of revenues in FY24) and 1 (one) service division viz. General Division.
The scrip shed 0.26% to currently trade at Rs 27.35 on the BSE.
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