“The upgrade in the ratings takes into account the continued double-digit top-line growth of the Group’s operations, backed by ramp-up of new facilities and improving operations in the existing facilities,” ICRA said in rating rational.
The stable outlook reflects ICRA’s expectation that the Group will continue to benefit from its established market position in the GCC Healthcare sector and its emerging presence in India. The outlook may be revised to Positive if higher cash accruals and moderate capital expenditure further improve the capital structure of the company. The outlook may be revised to ‘Negative’ if substantially large debt-funded capex / acquisition or lower-than-expected profitability weakens the leverage and coverage indicators, ICRA said.
At 03:14 pm, the stock was trading 5 per cent higher at Rs 141 on the BSE, as compared to 1.3 per cent decline in the S&P BSE Sensex.
The trading volumes on the counter jumped more than four-fold with a combined 133,403 shares changing hands on the NSE