ICRA has upgraded the rating assigned A+ to Dhanuka Agritech’s fund based facilities worth Rs 50.0 crore from A. The rating agency has also upgraded the short-term rating from A1 to A1+ for Rs. 50.0 crore non-fund based limits of Company.
The rating action factors in the strong revenue growth witnessed by DAL during H1-FY2014 driven by increased agricultural activity during the Kharif crop season, on the back of good monsoon; increasing revenue contribution for DAL from speciality products (formulations manufactured under tie-ups with established international technical manufacturers); and the marketing initiatives undertaken by the company to enhance its brand presence.
Dhanuka Agritech is the umbrella company for the business of agro-chemicals, fertilizers, and seeds of Dhanuka Group. The company reaches out to more than 10 million farmers with its eco-friendly high quality crop care products. The Agri-Division has a pan-India presence through its marketing offices in all major states in India.
