Astral Ltd. long-term bank facilities receives upgraded ratings by CRISIL
Long-term bank facilities is upgraded to ‘CRISIL AA/Stable’ from ‘CRISIL AA-/Positive’
Mumbai/Ahmedabad, October, 2021: Astral Limited (Astral; erstwhile Astral Poly Technik Ltd, Astral; part of the Astral group) long-term bank facilities has been upgraded to ‘CRISIL AA/Stable’ from ‘CRISIL AA-/Positive’ while reaffirmed its short term rating and commercial paper at ‘CRISIL A1+’ by country’s leading rating agency, CRISIL.
The rating upgrade replicates CRISIL expectations of sustenance of Astral’s improved business profile supported by improved capacity utilization levels, wider geographic presence and product portfolio.
The ratings reflect group’s leadership position in the CPVC pipes and fittings segment, supported by established brands and an entrenched market presence and the experience of the promoter.
Commenting on this development, Kairav Engineer, Vice President – Business Development, Astral Limited, said, “We are happy to be upgraded to AA/Stable as this reaffirms the faith and confidence in Astral Ltd. as an organization. This credit rating upgrade has taken into consideration the positive implications of our innovative product portfolio, pan-India reach and leadership position in the market. We aim to sustain our performance and keep our positioning intact.”
For arriving at the ratings, CRISIL has combined the business and financial risk profiles of Astral and its subsidiaries.
About Astral Ltd.:Astral was incorporated in 1996 as a private limited company, promoted by Mr Sandeep Engineer (managing director), and was reconstituted as a public limited company in 2007, with the launch of its initial public offering. Astral Pipes specialises in manufacturing the best quality plumbing & drainage systems for both residential and commercial applications, CPVC piping systems for industrial applications, column and pressure piping system for agriculture applications and also conduit pipes for residential and commercial applications.
Company embraces latest international technology and provides solutions made for the Indian markets. Astral Pipes is known as pro- Customers Company as we serve with an intention of taking excellence to new heights. Astral’s robust facilities in Santej and Dholka (Gujarat) and Hosur (Tamil Nadu), for manufacturing plumbing and drainage systems deliver world class piping solutions, setting up the benchmark of being Pro-India Company in numerous ways.