Newmalayalam Steel Limited (NMSL) announced an upgrade in its credit ratings by CARE Ratings Limited, reflecting the company’s improved operational and financial performance for FY24 (Audited) and H1FY25 (Unaudited).
Credit Rating Details:
- Long-Term Bank Facilities:
- Amount: ₹26.29 crore (reduced from ₹30.94 crore)
- New Rating: CARE BBB-; Stable (Upgraded from CARE BB+; Positive)
- Long-Term/Short-Term Bank Facilities:
- Amount: ₹30 crore
- New Rating: CARE BBB-; Stable / CARE A3 (New assignment)
- Short-Term Bank Facilities:
- Amount: ₹25 crore
- New Rating: CARE A3 (Upgraded from CARE A4+)
Rationale:
The upgrades are based on NMSL’s consistent financial growth and operational efficiency, as evidenced by its improved performance metrics over the past fiscal year and the first half of FY25.
The company communicated this update to the National Stock Exchange (NSE) on January 1, 2025, adhering to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
About NMSL:
Newmalayalam Steel Limited is a leading player in the Indian steel industry, headquartered in Thrissur, Kerala. The company has made significant strides in strengthening its financial stability, leading to this recognition by CARE Ratings.
Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Always refer to official company filings and credit rating reports for accurate details.
