Credit Analysis & Research has reaffirmed IOL Chemicals and Pharmaceuticals’ long-term Rating to ‘ A+’ with a stable outlook . The company’s short term rating has been reaffirmed to A1+.
A company release stated, “CARE’s reaffirmation of IOL’s ratings underscores the company’s consistent track record of delivering high-quality products and its commitment to maintaining strong financial stability. The ‘A+’ rating reflects IOL’s robust business model, diversified product portfolio, and its strong market position within both the specialty chemicals and pharmaceutical industries.”
It added, “In FY23, IOL Chemicals and Pharmaceuticals reported consolidated revenue of Rs. 2,243 crore with a strong Q4 performance. The company has stabilised its operations both in the pharma and specialty chemicals segments with a focus on cost rationalisation and margin improvement. This year, IOL has expanded its market penetration in European countries as it received CEP certification to supply products across the market. Further, the company has also been granted Patent on the “Sitagliptin Process” from the Indian Patent Office, Government of India.”
Vikas Gupta – Joint MD of IOL Chemicals and Pharmaceuticals, expressed his satisfaction with the reaffirmation of the company’s ratings, stating, “We are pleased that CARE has reaffirmed our long-term Issuer Rating to ‘A+’ with a stable outlook. This reaffirmation is a testament to our continuous efforts in maintaining excellence in operations, adhering to stringent quality standards, and ensuring sustainable growth.”
The ‘A+’ rating with a stable outlook applies to IOL’s bank loan facilities, non-convertible debentures, market-linked debentures, and subordinated debt.