Credit rating agency, ICRA has re-affirmed the long-term ratings of A+ assigned earlier to the Rs 100 crore term loans, Rs 866 crore fund- based facilities and Rs 3,709 crore non-fund based facilities of IVRCL. The rating agency has also re-affirmed the short-term ratings of A1 assigned earlier to the Rs 309 crore fund-based facilities and the Rs 841 crore non-fund based facilities of the company. The long term ratings carry a Stable outlook.
The ratings reaffirmation takes into account the established position of the company in the Indian infrastructure sector and its steady operations, as reflected by stable operating margins over the years. The ratings also factor in the company’s strong order book position (at over Rs 15934 crore as on March 31, 2011), which provides visibility of revenues in the medium term.
IVRCL is engaged primarily in providing Engineering, Procurement, Construction and Commissioning services in major infrastructure segments including urban/rural water supply, irrigation and environment related projects, pipelines, power projects (substations and transmission and distribution Lines), buildings and industrial structures, roads and bridges.