Ind-Ra assigns 'IND A' ratings with stable outlook to Shakti Pumps
Water pumps company Shakti Pumps on Thursday said it has been assigned 'IND A' ratings by India Ratings and Research (Ind-Ra) with a stable outlook.
The Madhya Pradesh-based company is a leader in the manufacturing of energy-efficient pumps and motors, including solar.
In a regulatory filing, Shakti Pumps said, "India Ratings and Research (Ind-Ra) has affirmed its bank facilities at 'IND A' with a stable outlook".
The rating agency has considered several parameters to assign a positive outlook on it, the filing said.
"As per the rating agency, the key rating drivers were (company's) established market position, strong distribution network, diversified revenue portfolio, FY22, steady revenue profile in 9M FY23 (April-December) and robust credit metrics," it said.
Dinesh Patidar, Chairman and Managing Director of Shakti Pumps (India) Limited, said the IND A/stable ratings demonstrate the company's focus on balance-sheet growth. Going forward the company aims to maintain its 30-40 pe