Care Ratings Upgrades Axiscades Long-Term Bank Facilities

New Delhi, Apr 18 (PTI) Engineering solutions provider Axiscades Technologies Ltd (ACTL) on Thursday said Care Ratings has upgraded its ratings on the company's long-term bank facilities, on account of factors, including improvement in capital structure and stable operational performance.

"Care Ratings has upgraded its long-term bank facilities at CARE A- with a stable outlook and short-term facilities at CARE A2+ from CARE BBB+ - stable and CARE A2, respectively," Axiscades Technologies said in a statement.

The ratings agency has taken into account factors like improvement in the capital structure of the company following a fundraise of Rs 203 crore in January, stable operational performance in the April-December period of FY24 among others while upgrading the ratings, the statement said.

Of Rs 203 crore, the company earmarked Rs 158 crore for debt repayment while the balance Rs 45 crore is for utilisation towards general corporate purposes.

ACTL CEO and MD Arun Krishnamurthi said, "This upgrade reaffirms our commitment to maintaining a strong capital structure and delivering stable operational performance as reflected by the repayment of our high-cost non-convertible debentures."

Bengaluru-based Axiscades is a leading end-to-end engineering and technology solutions provider, catering to sectors such as aerospace, defence, heavy engineering, automotive and energy, among others.