Rating agency India Ratings has downgraded Hindustan Dorr-Oliver’s long term issuer rating from ‘BBB’ to ‘BB’. The company has downgraded the same due to weak financial performance of the company in six months ended December 2012. Its standalone revenue declined 53% (year-on year) to Rs 160 crore.
The company’s revenue declined due to slower execution of projects due to lack of funding and minimal order inflow during the period.
Hindustan Dorr Oliver (HDO) is an Indian EPC company having its core business activities in providing engineered solutions, technologies and EPC installations in Liquid-Solid Separation applications.
