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CARE revises ratings of Skipper Ltd

Posted On: 2019-03-12 17:01:56

CARE Ratings Limited (CARE RATINGS) has revised the ratings of Skipper Ltd.

The rating of Long-term Bank Facilities for an amount of Rs. 556.12 crore has been revised from CARE AA-; Stable (Double A Minus; Outlook: Stable) to CARE A; Negative (Single A; Outlook: Negative).

The rating of Long/Shortterm Bank Facilities for an amount of Rs. 1,400.00 crore has been revised from CARE A1+ (A One Plus) to CARE A1 (A One).

The rating of Commercial Paper for an amount of Rs. 200 crore has been revised from CARE A1+ (A One Plus) to CARE A1 (A One).

The revision in the ratings is on account of deterioration in the financial performance of the Company in 9MFY19 triggered by weak performance of polymer division, rise in raw material cost impacting profitability of fixed cost contracts consisting of nearly 30% of orders and slow-down in execution of contracts.

Shares of Skipper Ltd was last trading in BSE at Rs.69 as compared to the previous close of Rs. 70.45. The total number of shares traded during the day was 6846 in over 122 trades.

The stock hit an intraday high of Rs. 73.05 and intraday low of 69. The net turnover during the day was Rs. 483531.


Source: Equity Bulls

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