ICRA reaffirms rating of International Combustion India Limited

The credit rating agency ICRA Limited (ICRA) has re-affirmed the long-term rating of [ICRA]BB+ (pronounced as ICRA double B plus) [signifying a moderate risk of default regarding timely servicing of financial obligations] on the fund-based and non-fund based working capital credit facilities enjoyed by International Combustion (India) Limited from its bankers on consortium basis. The outlook on the long term rating has been revised from Negative to Stable. ICRA has also re-affirmed the short-term rating of [ICRA]A4+ (pronounced as ICRA A four plus) [signifying a minimal degree of safety regarding timely servicing of financial obligations and carrying very high credit risk and susceptibility to default] on the aforementioned facilities.

ICRA has re-affirmed the ratings and upgraded the outlook thereon primarily considering the Company's much-improved financial performance in H1 FY 2021-22 vis-a-vis FY 2020-21 and the ICRA's expectation that the trend is likely to sustain / continue going forward based on a healthy order book position alongwith with a favourable demand outlook providing revenue visibility.

The Stable outlook on the [ICRA]BB+ rating reflects ICRA's opinion that the Company's financial performance is likely to improve going forward, backed by the strong demand prospects of the user industries.

Shares of INTERNATIONAL COMBUSTION (INDIA) LTD. was last trading in BSE at Rs. 321.35 as compared to the previous close of Rs. 328.00. The total number of shares traded during the day was 425 in over 11 trades.

The stock hit an intraday high of Rs. 330.70 and intraday low of 316.75. The net turnover during the day was Rs. 136395.00.

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INTERNATIONALCOMBUSTIONINDIA INE403C01014 RatingUpdate