India Ratings and Research (Ind-Ra) on Wednesday affirmed engineering major BHEL's long-term issuer rating at IND AA plus but downgraded the outlook.
The outlook has been revised from stable to negative. Ind-Ra said the reason for the move is higher than expected decline in the revenues, leading to EBITDA losses in Q1 FY20.
The revised outlooks are for fund-based and non-fund based working capital limits.
The state-owned company reported a consolidated net loss of Rs 219 crore for the first quarter ended June against a profit of Rs 40 crore in the year-ago period.
BHEL's total income fell significantly to Rs 4,673 crore during April to June quarter from Rs 6,116 crore a year earlier, impacting the company's overall financials.
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