India Ratings and Research (Ind-Ra) has upgraded Escorts’ Long-Term Issuer Rating to ‘AA-’ from ‘A+’. The Outlook is Positive. The upgrade reflects a significant improvement in the company's revenue and profitability during FY18-1HFY19, and substantial deleveraging leading to a net cash position.
The Positive Outlook reflects Ind-Ra's expectation of a year-on-year improvement in profitability in FY19 and beyond.
Escorts offer a comprehensive range of tractors with more than 45 variants starting from 25 to 80 HP. The company also manufactures and markets a diverse range of equipments like cranes, loaders, vibratory rollers and forklifts.
