India’s CARE Ratings reaffirms credit ratings of Jindal Stainless Limited (JSL) with ‘stable’ outlook, a company statement said on Thursday, April 11.
It was stated that the credit rating agency CARE Ratings has reaffirmed the company’s long-term rating at “CARE AA” with ‘stable’ outlook and has also affirmed the company’s short-term rating at CARE A1+.
CARE Ratings pointed out that the reaffirmation of rating assigned to the bank facilities and instruments of JSL factors in the continuation of resilient operational and profitability performance of the company in different economic cycles, as demonstrated by its consistently improving sales volumes and higher-than-envisaged profit before interest, lease rentals, depreciation, and taxation (PBILDT) per tonne from the fiscal year 2021-22 to 2022-23.
The reaffirmation further factors sustained improvement in the company’s financial risk profile, with significant deleveraging activity undertaken by the company during the past few years, leading to persistent improvement in its debt coverage metrics, JSL said.