Kolkata: Jindal Stainless Ltd.

(JSL) has received a rating upgrade from CARE, to ‘BBB-’ from BB+, reflecting the company’s improved profitability, strengthening balance sheet, and sustained operational progress.

The report said the key drivers for JSL’s improved ratings were an improvement in operational and financial performance during Q4FY18 with capacity utilization of 99.86% as against 90.95% in similar period previous year. This resulted in improved total operating income and profit before interest, leasing, depreciation and tax (PBILDT), which increased to Rs 3,183 crore and Rs 399 crore respectively in Q4FY18, representing a growth of 37% and 22% respectively over the previous corresponding period.

During the full year FY18, the company reported healthy growth in income and profitability with total operating income of Rs 10,803 crore and PBILDT of Rs 1,299 crore, representing a growth of around 30% and 18% respectively over FY 17.

The Company reported healthy gross cash accruals of Rs 787 crore during FY 18 which was significantly higher than Rs 397 crore reported in FY 17.’ Commenting on the report, JSL Managing Director, Abhyuday Jindal said, “We are encouraged by the improvement in our rating.

This development endorses that we are now more than financially and operationally stable, and poised to take our product mix and growth trajectory to the next level.” The CARE report also mentioned the company’s captive thermal power plant and ferro-chrome facilities, rolling mill, and downstream value added facilities.