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Ahluwalia Contracts (India) has informed the BSE that CARE has upgraded its ratings to CARE A- from CARE BBB+ for long-term bank facilities (fund-based) of ₹160 crore and CARE A-/CARE A2+ from CARE BBB+/CARE A3+ for long-term and short-term bank facilities (non-fund-based) of ₹745 crore. The improved rating is reflected in the healthy profitability margin and cash accruals. The improvement in solvency position and debt coverage indicators are led by improvement in order execution and fund infusion by the promoters, leading to relatively lesser reliance on external debt. Shares of Ahluwalia Contracts edged down to ₹230.40 from the previous day’s close of ₹233.20 on the NSE.
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