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Stock Report
India Ratings & Research upgrades Allied Blenders and Distillers Ltd's rating to 'IND A-' with a Positive Outlook from 'IND BBB+'
Posted On : 2024-10-04 23:04:37( TIMEZONE : IST )
Allied Blenders and Distillers Limited (ABDL), the 3rd largest spirits company in India, today announced that India Ratings & Research (Ind-Ra) has upgraded its credit rating for the company's bank loans.
Key Highlights:
- ABDL's bank loans have been upgraded from 'IND BBB+' to 'IND A-' with a Positive Outlook.
- The upgrade reflects a significant improvement in ABDL's financial profile following the successful completion of its initial public offering (IPO) in July 2024.
- The IPO proceeds were used to repay high-cost debt and clear outstanding statutory overdues, leading to a meaningful reduction in interest costs and strengthening of the company's financial flexibility.
- The Positive Outlook reflects Ind-Ra's expectation of continued improvement in ABDL's financial performance, including a reduction in the receivable period and sustained improvement in margins.
- ABDL's strong performance is driven by reduction in gross leverage, sustained improvement in EBITDA margins and focus on premiumization
Commenting on the rating upgrade, Alok Gupta, Managing Director of Allied Blenders and Distillers Limited, stated, "We are pleased with the upgraded credit ratings from Ind-Ra. This recognition reflects the progress we have made in strengthening our financial position and improving profitability. We are confident that our continued focus on operational excellence, working capital management and responsible business practices will further enhance shareholder value."
Shares of Allied Blenders and Distillers Limited was last trading in BSE at Rs. 320.15 as compared to the previous close of Rs. 329.70. The total number of shares traded during the day was 83184 in over 2078 trades.
The stock hit an intraday high of Rs. 330.30 and intraday low of 318.30. The net turnover during the day was Rs. 26873263.00.
