Credit rating agency, Credit Analysis & Research (CARE) has revised rating of Gayatri Projects’ long term bank facilities worth Rs 2085.45 crore to ‘BB-’ from ‘B’. The rating agency has also revised rating of company’s Long-term/Short-term Bank Facilities worth Rs 3500 crore from BB-/A4 to B/ A4.
The revision in the ratings assigned to the bank facilities of Gayatri Projects (GPL) takes into account improvement in turnover, profits and profitability margins during un-audited 9MFY16 (refers to the period April 01 to December 31) vis-a-vis un-audited 9MFY15 and improved liquidity profile with infusion of fresh equity during September 2015.
Gayatri Projects is a Hyderabad-based infrastructure and construction company with a presence across the segment, primarily undertaking road and irrigation projects.
