Cantabil Retail India said that ICRA had upgraded its long-term rating on the bank facilities of the company to "[ICRA] A- (Stable)" from "[ICRA] BBB+".
The credit rating agency has also revised the short term rating to "[ICRA] A2+ from "[ICRA] A2.
Vijay Bansal, (Chairman & Managing Director) of Cantabil Retail India, said: It gives me joy to share that our company's ratings have been revised upward and that we have been consist in paying all the dues and interests on time. We have also repaid entire long term loan as of 31stMarch 2022 and are a debt free company now.
Cantabil Retail India is engaged in the designing, manufacturing, branding and retailing of apparel and apparel accessories for men, ladies and children in the middle to high income segment through a pan-India network of exclusive brand outlets under the brand names 'Cantabil', 'Kaneston', 'Crozo' and 'Lil Potatoes'.
The company's net profit rose 11.54% to Rs 8.12 crore on a 43.59% increase in sales to Rs 133.29 crore in Q4 FY22 over Q4 FY21.
The scrip rose 0.40% to currently trade at Rs 1134 on the BSE.
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