[India], June 8 (ANI): In a major development reaffirming Jindal Stainless Ltd. (JSL)'s economic growth, it has received a rating upgrade from CARE, to 'BBB-' from BB+.
This reflects the company's improved profitability, strengthening balance sheet, and sustained operational progress.
The company has reported improvement in operational and financial performance during the fourth quarter of the financial year 2018 with capacity utilization of 99.86% as against 90.95% in similar period previous year.
The same has resulted in improved total operating income (TOI) and Profit Before Interest, Leasing, Depreciation and Tax (PBILDT), which increased to Rs. 3,183 crore and Rs. 399 crore respectively in the fourth quarter of the current financial year, representing a growth of 37% and 22% respectively over similar period previous year.
During full year FY18, the Company reported healthy growth in income and profitability with TOI of Rs. 10,803 crore and PBILDT of Rs. 1,299 crore, representing a growth of ~30% and ~18% respectively over FY 17. The Company reported healthy gross cash accruals of Rs. 787 crore during FY 18 which was significantly higher than Rs. 397 crore reported in FY 17.'
Commenting on the report, Managing Director of JSL, Mr Abhyuday Jindal said, "We are encouraged by the improvement in our rating. This development endorses that we are now more than financially and operationally stable, and poised to take our product mix and growth trajectory to the next level. The CARE ratings are a reflection of the inner health of the organization." (ANI)