Pursuant to Regulation 30 read with Para A of Part A Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and in furtherance to the intimation made by the Company on the aforementioned subject on 06 June 2023, GE Power India has informed that ICRA (Credit rating agency) vide letter dated 22 November 2023, revised the Long-term rating for Line of Credit as [ICRA]BBB (Negative) from [ICRA]BBB+ (Negative), reaffirmed the outlook to Negative and short-term rating for Line of Credit as [ICRA]A3+ from [ICRA]A2. The reasons for downward revision included continuous decline in revenues, reduction in profit margins and delayed cash flow owing to significant cost pressures, provisions for accidents and slow pace of project execution.
