Indian rating agency ICRA upgrades ratings of IMFA

Thursday, 30 September 2021 11:54:55 (GMT+3)   |   Kolkata

Indian rating agency ICRA has upgraded the long and short term loan ratings of Indian Metals and Ferro Alloys Limited (IMFA), a company statement said on Thursday, September 30.

The company said that the rating of long term bank facilities has been upgraded to “ICRA A+” from “ICRA A” and short term bank facilities to “ICRA A 1+” from “ICRA A1”.

Explaining the rationale for the upgrades, the ICRA report said that the outlook factors in the better-than-expected financial performance of IMFA in the fiscal year 2020-21 that was reflected in the company’s healthy revenue growth, a rise in operating profits and an improvement in profit margins.

IMFA is an Odisha-based fully integrated ferroalloy producer from mining to smelting with its own captive power plant.

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