Subway Finance And Investment Company reports standalone net loss of Rs 0.01 crore in the December 2020 quarter
Subway Finance And Investment Company reports standalone net profit of Rs 0.04 crore in the March 2021 quarter
India Ratings and Research (Ind-Ra) has upgraded Jindal Stainless (JSL)'s long-term credit rating to 'IND A+' which is three levels up from their earlier rating of 'IND BBB+'.
The short-term credit rating of the company has also been upgraded to 'IND A1+'.
The key reasons for the upgrade include accelerated deleveraging, supported by the prepayments of debt, which was originally scheduled to be repaid over FY22-FY23, in FY21 along with a strong operating performance.
The rating also factors in the benefit of proposed amalgamation, coupled with strong group linkages considering the same line of business along with strong operational, strategic, and financial linkages.
Earlier in May this year, CRISIL Ratings had assigned 'CRISIL A+/Stable' rating to the long-term credit facilities of JSL. Short-term credit facilities of JSL were rated 'CRISIL A1'.
Abhyuday Jindal, managing director, JSL, said: "The latest credit rating upgrade has taken into consideration the positive implications of the ongoing merger process of JSHL into JSL. Ind-Ra has acknowledged benefits of the upcoming post-merger group, including financial flexibility and balance sheet strengthening and longterm prospects."
Ind-Ra expects JSL's business and financial profile to largely sustain post the merger, supported by the industry-leading scale of operations and similar financial metrics, further augmented by the benefits of scale and greater financial flexibility.
Ind-Ra has also upgraded the credit rating long-term and short-term facilities of Jindal Stainless (Hisar) (JSHL) to 'IND A+' and 'IND A1+' respectively
JSL, promoted by Ratan Jindal, manufactures stainless steel products such as slabs and value-added coils. It has a steel melting capacity of 1.1 million tonnes per annum and captive ferro chrome and power units at Jajpur (Odisha).
The company reported a consolidated net profit of Rs 289.19 crore in Q4 FY21 as against a net loss of Rs 64.96 crore in Q4 FY20. Net sales during the quarter rose 26.49% YoY to Rs 3913.64 crore.
The JSL scrip declined 0.80% to end at Rs 124.15 on Friday.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)