Latest news with #BHL
Yahoo
21 hours ago
- Business
- Yahoo
AM Best Affirms Credit Ratings of Jacana Re Limited
LONDON, June 05, 2025--(BUSINESS WIRE)--AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of "a" (Excellent) of Jacana Re Limited (Jacana Re) (Guernsey). Jacana Re is a subsidiary of BHL Holdings Limited (BHL), a non-operating holding company. The outlook of these Credit Ratings (ratings) is stable. The ratings reflect Jacana Re's balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management. In addition, the ratings consider, in the form of lift, Jacana Re's strategic importance to its parent company, BHL, as the group's internal reinsurer. Jacana Re's balance sheet strength is underpinned by its risk-adjusted capitalisation, which is expected to remain comfortably at the strongest level, as measured by Best's Capital Adequacy Ratio (BCAR). The balance sheet strength assessment also considers the company's conservative investment portfolio and excellent liquidity. Jacana Re has a track record of strong operating performance, underpinned by a consistent track record of robust underwriting results. In 2024, the company reported a net-net combined ratio of 76.0% and a return-on-equity of 19.7% under IFRS 17, both broadly in line with its IFRS 4 five-year (2019-2023) averages. Performance is expected to be driven primarily by underwriting, with investment income contributing modestly due to the low-risk nature of the portfolio. Jacana Re was established in Bermuda in March 2004, as an internal reinsurer of the BHL group and re-domiciled to Guernsey in 2013. The risks underwritten by Jacana Re stem from South Africa and Australia. The entity is used by BHL as a risk management tool, retaining 100% of risks ceded from insurance companies of the BHL group and its ultimate shareholders. Jacana Re's business profile assessment is constrained somewhat by its geographic concentration of premium volume and lines of business underwritten. This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments. AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED. View source version on Contacts Katharine Campkin Financial Analyst +44 20 7397 4383 Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 Timothy Prince Director +44 20 7397 0320 Al Slavin Senior Public Relations Specialist +1 908 882 2318 Sign in to access your portfolio
Business Standard
16-05-2025
- Business
- Business Standard
India Ratings revises rating outlook of Bajaj Healthcare to 'stable'; affirms rating at 'A-
Bajaj Healthcare (BHL) said that India Ratings and Research has revised the outlook on the company's bank facilities to 'stable' from 'negative' while affirming the ratings at 'IND A-'. The agency has affirmed the companys short-term rating at 'IND A2+. India Ratings and Research stated that the outlook revision reflects strong growth in BHLs revenue and profitability in 9MFY25, coupled with the equity infusions during FY25-FY26 through preferential equity share allotment and share warrants, leading to the repayment of debt and funding for capex requirements. India Ratings notes the equity infusions have led to a significant improvement in the companys credit metrics, with its leverage remaining below 2x over the near to medium term. The ratings reflect BHLs improving business mix, led by diversification in higher margin business formulations coupled with revenue emanating from contract development and manufacturing organisation (CDMO) business which has a long term visibility of supplies and profitability. The agency notes although active pharmaceutical ingredient (API) pricing has stabilised, competition from China in its key products will continue to remain a monitorable. As per the management, BHL has backward integration in its large molecules which will offset any further pricing challenges. The agency will monitor the improvement in the working capital cycle and its impact on the credit metrics in the near term. India Ratings further said that a significant increase in the scale of operations and the profitability while improving the gross working capital cycle, resulting in the net leverage reducing below 2.0x, on a sustained basis, could lead to a positive rating action. However, a significant decline in the scale of operations and the EBITDA margins, along with deterioration in the gross working capital cycle, liquidity position and overall credit metrics, with the net leverage remaining above 3.0x, all on a sustained basis, will be negative for the ratings. Bajaj Healthcare manufactures APIs and branded and generic formulations. It has five API manufacturing plants, located in Tarapur, Maharashtra, and Vadodara in Gujarat: one manufacturing plant of finished formulations in Vadodara, Gujarat and one manufacturing plants of intermediates in Tarapur, Maharashtra. The scrip shed 0.86% to currently trade at Rs 553.60 on the BSE.
Business Upturn
28-04-2025
- Business
- Business Upturn
Benares Hotels Q4 results: Net profit jumps 39% YoY to Rs 16.1 crore; Revenue grows 38%
By Aditya Bhagchandani Published on April 28, 2025, 16:50 IST Benares Hotels Limited (BHL), a subsidiary of The Indian Hotels Company Limited (IHCL), posted strong financial results for the fourth quarter ended March 31, 2025 (Q4 FY25). The company reported a 39% year-on-year (YoY) surge in net profit to ₹16.1 crore, up from ₹11.6 crore in the corresponding period last year. Revenue for the quarter rose sharply by 38% to ₹50.5 crore compared to ₹36.6 crore in Q4 FY24. The company's operating performance also strengthened, with EBITDA reaching ₹23.1 crore in Q4 FY25, up from ₹16.9 crore a year ago. For the full financial year FY25, Benares Hotels reported a revenue of ₹140.7 crore, marking a 14% increase from ₹123.8 crore recorded in FY24. EBITDA for the year grew to ₹64.5 crore compared to ₹54.4 crore last year, while Profit After Tax (PAT) rose to ₹43.2 crore from ₹36.1 crore in the previous fiscal year. Dr. Anant Narain Singh, Chairman of Benares Hotels Limited, said, 'BHL reported four consecutive quarters of strong double-digit growth resulting in FY2025 revenue of ₹141 crore, a growth of 14%, EBITDA of ₹65 crore with a robust EBITDA margin of 45.8%, and PAT of ₹43 crore.' He further highlighted that the demand for destinations like Varanasi remained strong, boosted by events such as the Kumbh Mela and associated travel activities. The company clocked a record quarterly revenue of ₹51 crore during Q4 alone, supported by these trends. Key Highlights: Taj Ganges's new wing comprising 100 additional rooms and a restaurant is nearing completion and is expected to open in Q3 FY26. Taj brand was ranked as India's strongest brand across all sectors by Brand Finance's Brand Value Report India 2023. Taj Ganges, Varanasi, received an award for outstanding contribution in environmental sustainability from the Travel Welfare Association of Varanasi. About Benares Hotels Limited: Benares Hotels Limited operates properties like Taj Ganges and Taj Nadesar Palace in Varanasi and Ginger Gondia in Maharashtra. Incorporated in 1971, the company is a listed entity under IHCL's portfolio. Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. The author or Business Upturn is not liable for any losses arising from the use of this information. Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
