The Rating Committee of ICRA after due consideration of the Q3 FY2020 financial results and, on the basis of best available information, has the ratings outstanding at [ICRA]BB+ (pronounced ICRA double B plus) and [ICRA]A4+ (pronounced ICRA A four plus), for the captioned borrowing programmes of Indotech Transformers Limited. The outlook on long term rating is 'Negative'.
The ratings remain unchanged at [ICRA]BB+(Negative)/[ICRA]A4+ despite the company's improved net profit level in 9M FY2020 on a YoY basis. ICRA notes that the improvement in profit at net level was supported by non-operating income and the company's operating profitability continues to remain subdued. ICRA has also noted the ongoing process of acquisition of a majority stake in Indotech Transformers Limited by Shirdi Sai Electricals Limited. ICRA will continue to
monitor the company's performance and impact of the likely change in the promoters / management.
Shares of INDO TECH TRANSFORMERS LTD. was last trading in BSE at Rs.114.15 as compared to the previous close of Rs. 114.5. The total number of shares traded during the day was 544 in over 9 trades.
The stock hit an intraday high of Rs. 114.15 and intraday low of 113.85. The net turnover during the day was Rs. 61978.