ICRA upgrades Godrej Client long-term ranking

NEW DELHI: Godrej Client Merchandise Ltd (GCPL) on Monday mentioned credit score scores company ICRA has upgraded its long-term ranking to AAA (Steady) from AA+ (Steady).

It has additionally reaffirmed its short-term ranking of A1+, the Godrej group agency mentioned in an announcement.

The ranking has been upgraded primarily based on a mortgage of Rs 800 crore and a business paper programme of Rs 750 crore.

“Corporates with the [ICRA] AAA ranking are thought of to have the best diploma of security, with regard to the well timed servicing of economic obligations; thus carrying the bottom credit score danger,” mentioned GCPL.

ICRA mentioned the long-term ranking improve displays its expectation that the monetary and operational danger profile of GCPL will “stay robust, going ahead, pushed by its established market place” within the FMCG business.

“ICRA expects GCPL to proceed to leverage its robust manufacturers and market management place throughout completely different segments/geographies to drive sustained progress in revenues and accruals whereas sustaining a sturdy capital construction and debt safety metrics,” it mentioned.

ICRA famous that within the pandemic-hit FY21, GCPL’s revenues improved by 11 per cent to Rs 11,028 crore from Rs 9,910 crore in FY20.

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