Sagar Cements said that India Ratings and Research (Ind-Ra) has placed the company's long-term issuer rating of 'IND A' on rating watch evolving (RWE).
The RWE reflects SCL's business expansion plans (mainly through the inorganic route), that can have a bearing on the company's credit profile, the ratings agency said.
The RWE indicates that the ratings may be upgraded, affirmed or downgraded. Ind-Ra will continue to closely monitor the business expansion plans and resolve the RWE upon receiving clarity on the outcome and impact of the same.
Sagar Cements is engaged in manufacturing clinker and ordinary portland cement (OPC). The company has a cement manufacturing capacity of 6.75mnt and clinker capacity of 3.80mnt.
The company's consolidated net profit fell 58.09% to Rs 21.07 crore despite a 13.21% rise in net sales to Rs 368.93 crore in Q2 FY22 over Q2 FY21.
The scrip shed 0.89% to currently trade at Rs 266.55 on the BSE.
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