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ICRA revises ratings of UFO Moviez India Ltd

Posted On: 2019-09-17 13:08:39


ICRA vide its letter dated September 16, 2019 has communicated that its Rating Committee, has revised the outlook on the long-term rating outstanding of [ICRA]AA- (pronounced ICRA double A minus) for the captioned line of credit to Negative from Stable, while keeping the rating unchanged. The short-term rating for the Company's line of credit continues to remain outstanding at [ICRA] A1+ (pronounced ICRA A one plus).

As per ICRA: (i) the revision in the outlook on the long-term rating of the Company factors in the reduced financial flexibility for the Company due to a sharp decline in its share price during the last six months; (ii) the liquidity position of the Company has moderated due to the high dividend payout of Rs. 94.0 crore in Q1 FY2020, resulting in a reduction in the available consolidated net cash surplus toRs. 75.2 crore as on June 30, 2019 from Rs. l18.9 crore as on March 31,2019.

The management of the Company believes in rewarding its shareholders by way of regular dividend payouts and has been distributing enhanced dividend year on year since fiscal year 2016. The management further believes that the liquidity position of the Company remains healthy even after the payment of large amount of dividend of Rs. 94.0 crores (including DDT) in Q1 FY2020, as the Company, at a consolidated level, continues to maintain net cash of Rs 75.2 crore (Rs. 177.3 crore of Gross cash and Rs. 102.1 crore of Gross Debt) as on June 30, 2019.

Secondly, the management of the Company believes that the financial flexibility with respect to its debt servicing ability remains intact through its strong operating cash-flow generations despite drop in its share price, which is a function of various macroeconomic and business factors.

Shares of UFO Moviez India Ltd was last trading in BSE at Rs.149.85 as compared to the previous close of Rs. 152.25. The total number of shares traded during the day was 3636 in over 348 trades.

The stock hit an intraday high of Rs. 155.75 and intraday low of 148. The net turnover during the day was Rs. 552174.


Source: Equity Bulls

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