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Borosil informs about update on credit rating

07 Nov 2024 Evaluate

In accordance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, Borosil has informed that ICRA, a Credit Rating Agency, vide its press release dated November 6, 2024 has upgraded the long-term rating and reaffirmed the short-term rating for the Company's facilities. The rating action for the Company’s bank facilities factors in the healthy improvement in its credit profile and expectation that the profile will remain stable over the near to medium term. The ratings also consider the Company’s strong brand presence in the consumer ware market, along with its diversified product portfolio, which includes glassware, microwavable glass, non-glassware (primarily hydra and small kitchen appliances) and opalware. The Company benefits from a well-entrenched domestic distributor network and a broad customer base that includes reputed clients. The Stable outlook on the Company’s rating reflects ICRA’s opinion that the Company’s credit profile will remain comfortable on the back of expected growth in revenues and earnings benefitting from its established brand presence in the consumer ware product business and the growing customer preference for premium dining ware. The summary of ICRA’s ratings to the Company’s facilities is enclosed. The detailed credit rating rational can be accessed on ICRA’s website at https://www.icra.in/Rationale/ShowRationaleReport?Id=130975. The said information was received by the Company on November 6, 2024 at around 2.07 pm.

The above information is a part of company’s filings submitted to BSE.

Borosil Share Price

255.15 -7.70 (-2.93%)
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