Pune: CRISIL has upgraded its ratings for Sahyadri Industries Limited (SIL) to ‘CRISIL BBB/Positive/CRISIL A3+’. According to CRISIL one of the key drivers for SIL has been its established market position in the corrugated AC sheets industry. SIL has been manufacturing AC sheets under the Swastik brand. The other brands CEMPLY Flat Sheet & ECOPRO Fibre Cement Board are almost synonymous in their product categories. It is present in Maharashtra, Gujarat, Kerala, Tamil Nadu, Karnataka, Andhra Pradesh, Telangana, Chattisgarh & Orissa.
CRISIL has given a ‘Positive Outlook’ in its statement and says it believes SIL will continue to benefit over the medium term from its established market position. The rating may be upgraded if the company improves its scale of operation while maintaining its operating margin and maintaining its working capital cycle, financial risk profile, and liquidity.
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