PNN
Mumbai (Maharashtra) [India], January 7: NewMalayalam Steel Limited (NSE: NMSTEEL), specializes in galvanized pipes, tubes, sheets has received recent credit ratings upgrade from CARE Ratings Limited. The credit ratings cover total facilities amounting to Rs81.29 Cr and include term loans, cash credit, and import letters of credit, among other financial instruments.
The rating upgrade, as detailed below, reflects Newmalayalam Steel Limited's strong operational and financial performance in FY24 and H1FY25. The improved ratings underscore the company's enhanced creditworthiness, driven by its consistent financial discipline, operational efficiency, and strategic growth initiatives.
The Updated Rating Highlights:
The Long-Term Bank Facilities of Rs26.29 Cr have been upgraded from CARE BB+; Positive to CARE BBB-; Stable. The Long-Term/Short-Term Facilities of Rs30.0 Cr have been assigned a rating of CARE BBB-; Stable / CARE A3. The Short-Term Bank Facilities of Rs25.0 Cr have been upgraded from CARE A4+ to CARE A3.
Commenting on the development Vazhappily Davis Varghese, Managing Director of NewMalayalam Steel said: "We are pleased with the upgrade in our credit ratings by CARE Ratings Limited, which underscores our ongoing efforts to enhance operational efficiency and maintain financial stability. This positive assessment reflects our commitment to achieving sustainable growth while ensuring a robust financial structure. We remain focused on delivering value to our stakeholders and are confident in our ability to capitalize on future opportunities."
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