FMCG stock GRM Overseas gains after update on credit rating
Shares of FMCG company GRM Overseas are in focus as the company has shared an update related to the credit rating on its bank facilities. The counter started today's session in the green at Rs 323.90 on the BSE. The scrip had closed at Rs 323.20 in the previous session. The counter touched the intraday high of Rs 325.80. Before that, it hit a low of Rs 313.85. Last seen, the counter was trading at Rs 325.
According to BSE Analytics, the shares of GRM Overseas has given a multibagger return of over 122 per cent in one year and 88 per cent in two years. While it has corrected 40 per cent in three years, the stock has made investors richer by 3,021 per cent in 5 years.
GRM Overseas, which is listed on both National Stock Exchange and BSE, has informed exchanges that Acuite Ratings & Research Limited has reaffirmed the long-term rating of 'Acuite A-' (Acuite A minus) and short-term rating of 'Acuite A2+' (Acuite A two plus) on its Rs 312 crore bank facilities and said that the outlook is 'stable'.
Stating the rationale of rating reaffirmation, Acuité Ratings & Research Limited said that it takes into account 'the healthy financial risk profile of the group, its strong liquidity position and improvement in revenues in 9MFY2025 post recording a decline in FY2024 as compared to FY2023, albeit moderation in profitability margins. Further, the rating continues to draw comfort from the extensive experience of the management and established brand presence in the agri-food industry.'
It also said that rating remains constrained on account of working capital-intensive nature of operations, exposure to agro-climatic conditions, inventory risks, economic conditions in export markets, foreign exchange fluctuations and government regulations.
'The group's ability to sustain growth in revenue and improve its profitability margins while maintaining
its capital structure and healthy debt coverage indicators will remain a key rating monitorable,' the filing said.
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