The agency has reaffirmed its ‘CRISIL A1+’ rating to the short-term bank facilities of USL.

CRISIL said that the rating reflects the strong financial risk profile of USL, minimal debt, accruals of nearly Rs 1,000 crore and modest capital expenditure (capex) plans of approximately Rs 200 crore.

The rating also factors the leadership position of USL in the domestic Indian-made foreign liquor (IMFL) segment along with strong operating efficiency.

The operating performance has improved in the first nine months of fiscal 2024 with revenues increasing by 5.3% year-on-year, along with improvement in the operating margin by nealy 500 basis points to 19.5% from 14.6% driven by operational efficiencies, change in product mix (increasing contribution of higher margin products) and low...

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