 "manufacturing, economy, jobs, IIP, industrial production, industrial output, production, engineering, PMI, industries, services, workers,")
India Ratings has downgraded Sadhbhav Engineering Ltd (SEL) and its subsidiary Sadbhav Infrastructure Projects Ltd (SIPL) long term rating from “A-" from “BBB+” on stretched liquidity conditions. This could impact the companies' project execution capabilities.
The outlook on ratings is negative and the stretched liquidity conditions are driven by the high gross working capital levels. SEL is facing the tight liquidity position despite an inflow of Rs 990 crore via the Indinfravit Trust unit sales and non-convertible debentures (NCDs) issuances at SIPL’s level.
The delay in the monetisation of assets could exert further stress on the company’s ability to manage
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