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Simplex Infra cracks as rating agency revises outlook

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was down 4.14% to Rs 129.70 at 12:09 IST on BSE after a revised the outlook while retaining the credit rating of the company.

The announcement was made after market hours yesterday, 11 June 2019.

Meanwhile, the S&P BSE Sensex was down by 282.32 points, or 0.71% to 39,668.14.

On the BSE, 1305 shares were traded in the counter so far compared with average daily volumes of 1850 shares in the past two weeks. The stock had hit a high of Rs 131 and a low of Rs 126.45 so far during the day. It hit a 52-week high of Rs 520 on 15 June 2018 and a 52-week low of Rs. 120 on 7 June 2019.

announced that the had revised the outlook on company's long-term bank facilities, and non-convertible debentures to negative from stable. However, the rating on company's long-term bank facilities, and non-convertible debentures was kept unchanged at CARE A-.

said that the outlook has been revised to 'Negative' considering the elongation in collection period leading to deterioration of working capital cycle and high utilization of working capital limits. The outlook may be revised to 'stable' if the company is able to bring down its level of debtor's and utilize the proceeds thereof towards reduction in levels, the ratings agency said.

reported a rise of 14.5% in the net profit to Rs 33.61 crore on a 4.5% reduction in the net sales to Rs 1574.70 crore in Q4 March 2019 over Q4 March 2018.

Simplex Infrastructures is engaged in the business of contract constructing infrastructural facilities. The Company's segments include Construction business and others.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, June 12 2019. 12:16 IST