Credit rating agency, CARE has revised rating of Welspun India’s long term bank facilities worth Rs 3,562.14 crore to ‘AA-’ from ‘A+’. The rating agency has also revised rating of company’s short term bank facilities worth Rs 394.85 crore to ‘A1+’ from ‘A1’.The revision in the ratings factors in sustained growth in revenue, improvement in the profitability as well as capital structure in FY15 (refers to period April 01, 2014 to March 31, 2015), increasing level of vertical integration and timely progress made on its expansion-cum-backward integration project.
Moreover, the ratings revision also takes into consideration the reduction in geographical and customer concentration risk to the overall business of the company. The ratings continue to draw comfort from the resourceful promoters (i.e., Welspun group) and extensive experience of the management, WIL’s leading position in home textiles segment with global reach, its well-diversified product portfolio, strong brand image and established relationship with the large global retail chains.
Welspun India is one of the largest manufacturers and exporters of bed & bath textile products globally. WIL’s portfolio comprises wide range of home textile products such as terry towels, bed linen (basic bedding and decorative bedding) rugs and bathrobes.
