India Ratings & Research Private Limited (Ind-Ra) ("Credit Rating Agency") on March 15, 2022 has upgraded ratings for the financial facilities of DCW Limited ("the Company") 'from 'IND BBB+' to 'IND A-'. Key Rating Drivers: The rating upgrade by the agency was based on the following parameters a) Rise in Share of Speciality Chemicals Segment: Specialty chemicals contributed approximately 26-30 % to the company's EBITDA in 9MFY22 (FY21: 29%, FY20: 18%, FY19: 5%). b) Diversified Product mix aiding the company in overall improvement of performance in 9MFY22 over FY21 and FY20 c) Continued improvement in credit ratios: The interest coverage (EBITDA/gross interest expense) improved to 2.6x in 9MFY22 (FY21: 1.7x, FY20: 1.4x) and the net leverage (net debt/EBITDA) to 1.7x in 1HFY22 (2.4x, 3.8x) on account of the healthy profitability and substantial cash accruals. d) Healthy improvement in other segments of the business like PVC and Caustic Soda in 9MFY22. Commenting on the rating, Mr Vivek Jain, Managing Director, DCW Ltd., said, "The rating upgrade by the India Ratings and Research is based on their long-term review of our financial results and our business strategy around growth and diversification. The upgradation from BBB+ to A-, in such an agile environment, reflects the confidence in the company's business model and execution capabilities. During 9MFY22, company's C-PVC, SIOP, PVC and the Caustic soda segment have reported substantial growth. DCW's contribution from Speciality Chemical has been increasing consistently, giving immense confidence. We remain focused on driving our performance and are well-positioned for growth. Shares of DCW Limited was last trading in BSE at Rs. 41.10 as compared to the previous close of Rs. 41.90. The total number of shares traded during the day was 150615 in over 1419 trades. The stock hit an intraday high of Rs. 42.15 and intraday low of 40.20. The net turnover during the day was Rs. 6232514.00.
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