Ind-Ra downgrades Sanghi Industries to 'IND A-' / Negative

India Ratings and Research (Ind-Ra) has downgraded Sanghi Industries Limited's (SIL) Long-Term Issuer Rating to 'IND A-' from 'IND A'. The Outlook is Negative.

The downgrade reflects a slower-than-expected ramp up in SIL's sale volumes resulting in reduced EBITDA, a delay in deleveraging and a stretched liquidity position. The Negative Outlook reflects the challenges around cash flow generation starting mid-FY23, coinciding with the seasonally weak monsoon quarters, which could get exacerbated in the context of nearterm input cost inflation. Timely infusion of funds by the management by 1QFY23 and a ramp-up of EBITDA will remain a key monitorable.

Shares of Sanghi Industries Limited was last trading in BSE at Rs. 48.05 as compared to the previous close of Rs. 46.70. The total number of shares traded during the day was 116657 in over 1384 trades.

The stock hit an intraday high of Rs. 49.15 and intraday low of 47.20. The net turnover during the day was Rs. 5613906.00.

Source : Equity Bulls

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SanghiIndustries INE999B01013 RatingDowngrade