Eveready Industries India said that India Ratings and Research has upgraded the company's long-term issuer rating to 'IND A-' from 'IND BBB+'.
The outlook is 'stable', the credit rating agency stated.
Offering the rating rationale, India Ratings said that the upgrade reflects the improvement in the company's corporate governance structure stemming from changes in the board composition and a higher stake by the Burman family, giving assurance of stronger internal controls & checks.
Eveready Industries offers a range of products such as batteries, flashlights, lighting solutions, and home appliances. It is one of the leading manufacturers of dry cell batteries in India. The company has a total capacity to manufacture 2,250 million batteries and 12.7 million flashlights per annum.
The company reported a standalone net loss of Rs 38.40 crore in Q4 FY22 as against a net loss of Rs 441.20 crore in Q4 FY22 over Q4 FY21. Operating income during the quarter declined by 12% YoY to Rs 241.24 crore.
The scrip rose 0.24% to currently trade at Rs 315 on the BSE.
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