| Wockhardt announced that CARE Ratings has revised its rating to
CARE BB+ for the Company, CARE A4+ for Non Fund Based limits of Rs.171.20 crore, CARE BB+ for Working Capital bank facilities of Rs.512.75 crore, and CARE BB+ for Non-Convertible Debentures of Rs.179 crore (reduced from Rs.250 crore) with outlook “Negative”.
The last rating action by CARE Ratings was on 6 June 23, based on financial performance for FY23. Since then, there has been no adverse development. The monetisation of US assets is well on track. The Company has further reduced the debt by Rs.100 crore during June
2023. The rating acknowledges the adequate liquidity position maintained by the Company and also specifically states that the Company would be able to meet all its obligations in FY24. The rating action does not reflect the above factors.
The ratings were revised by the CARE Ratings inter alia, due to financial performance in FY23 which factored one time write-off due to US restructuring, delay in monetisation of assets post re-structuring of US business.
|