Credit rating agency -- ICRA has upgraded the long term credit rating of banking facilities and non-convertible debentures of Torrent Pharmaceuticals to ‘AA+/Stable’ from ‘AA/Positive’. ICRA has reaffirmed its rating on commercial paper programme at ‘Al+’.
The upgrade in Torrent Pharmaceutical’s (TPL) long-term rating factors strong business position and performance in its key markets, India, Brazil and ROW (rest of the world), offsetting some moderation in performance witnessed in some other key markets (USA and Germany) in FY2022 and Q1 FY2023.
Torrent Pharmaceuticals is flagship company of the Torrent group, a leader in cardiovascular and central nervous system segments. It also has presence in gastro-intestinal, diabetology, anti-infective and pain management segments.
