Expenses were lower at Rs 1,058.12 crore as against 1,132.89 crore a year ago.
The credit ratings agency said that the upgrade reflects continuous improvement in group's business and financial risk profiles
The stock hit a new high of Rs 51, rallied 96% in past three months from Rs 26 on November 7, 2016.
The company fixed February 08 as record date for the purpose of sub division of shares from Rs 10 to Re 1.
The stock surged 8% to Rs 307 after the company said it has acquired iconic brand 817 Elephant brand of rice through its UK subsidiary LT Foods International Limited.
Oriental Insurance had rejected the Rs 189 cr claim arising out of a fire at LT's Madhya Pradesh mill in 2014
The stock surged 17% to Rs 260 on the BSE on back of heavy volumes.