ICRA upgrades Outlook to Stable, while re-affirming long-term rating of Edelweiss Financial Services

Edelweiss Financial Services Limited ("EFSL"), announced that ICRA, one of India's leading credit rating agencies, has re-affirmed the Credit Rating of '[ICRA]A+' to the Retail NCD Programme of the Company and has upgraded the outlook from Negative to Stable. The upgrade in the outlook reflects the Group's stable financial performance and sustained debt reduction coupled with the strong fundamentals and improved outlook for the business.

As reported by ICRA, the reaffirmation of the rating takes into account the Group's established position in the financial services industry, its long-standing experience in the capital market related business, its diversified business profile with a presence in the asset reconstruction, asset management segment, and a healthy stream of fee and advisory income.

ICRA has revised the outlook on the long-term rating to stable on back of sustained reduction in debt level, improving financial performance in key segments, adequate capitalisation, and improvement in outlook for the real estate sector.

"At Edelweiss, our continued focus has been on building resilience and strength to shield against short-term disruptions while creating long-term value through gradually scaling our businesses. The revision demonstrates our strong business fundamentals and stable financial performance. We continue to fortify our balance sheet and remain focused on our priorities of value unlocking for our shareholders as we continue to invest in growth." said Rashesh Shah, Chairman, Edelweiss Group.

The Company reported a steady performance in FY22, with resilient businesses having a healthy stream of fee and advisory income and continued scaling up of Customer assets. The Company draws further strength from a comfortable liquidity position and deleveraged balance sheet.

Shares of Edelweiss Financial Services Limited was last trading in BSE at Rs. 53.15 as compared to the previous close of Rs. 52.25. The total number of shares traded during the day was 58409 in over 894 trades.

The stock hit an intraday high of Rs. 53.85 and intraday low of 51.75. The net turnover during the day was Rs. 3095900.00.

Source : Equity Bulls

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