Hot Pursuit     21-Feb-24
BEML gains after CARE assigns 'A+' rating with 'stable' outlook
BEML rose 1.37% to Rs 3055 after the credit rating agency CARE Rating assigned 'CARE A+’ rating to the long-term debt facilities of the company with 'stable’ outlook.

The agency has rated the company’s short-term debt facilities at ‘CARE A1+’.

CARE Rating stated that the ratings assigned to the bank facilities and proposed commercial paper of BEML continues to derive strength from experienced management team, established and long track record of operations with manufacturing base offering wide range of products, reputed client base with a focus on indigenisation through in-house R&D and healthy order book position.

The ratings also positively factor improving profitability due to higher revenue contribution from sales towards mining and construction in FY23, reduction of debt from working capital utilisation and repayment of entire term debt in H1FY23 leading to improved capital structure as on 31 March 2023.

However, ratings are tempered by elongated working capital cycle and susceptibility of margins to volatility associated with input prices.

BEML (formerly Bharat Earth Movers Limited) is a public sector undertaking that was initially established for undertaking the manufacture rail coaches and spare parts, and mining equipment. The company currently operates under three major business verticals: mining and construction, defence and aerospace, and rail and metro. Government of India owns 54% of total equity and balance 46% is held by public, financial institutions, foreign institutional investors, banks, and employees.

The company had reported 27.30% fall in consolidated net profit to Rs 48.20 crore as revenues remained flat at Rs 1046.97 crore in Q3 FY24 over Q3 FY23.

Previous News
  Mishra Dhatu Nigam, BEML and Bharat Electronics ink MoU
 ( Corporate News - 05-Mar-24   16:21 )
  BEML announces change in senior management
 ( Corporate News - 29-Feb-24   16:35 )
  BEML wins order of Rs 72.71 cr
 ( Corporate News - 29-Feb-24   14:32 )
  BEML gains after CARE assigns 'A+' rating with 'stable' outlook
 ( Hot Pursuit - 21-Feb-24   10:37 )
  BEML consolidated net profit declines 27.30% in the December 2023 quarter
 ( Results - Announcements 08-Feb-24   17:26 )
  Board of BEML recommends interim dividend
 ( Corporate News - 08-Feb-24   14:22 )
  BEML fixes record date for interim dividend
 ( Market Beat - Reports 08-Feb-24   14:09 )
  BEML to conduct board meeting
 ( Corporate News - 27-Jan-24   12:57 )
  BEML wins order of Rs 329.87 cr from Ministry of Defence
 ( Corporate News - 08-Jan-24   19:16 )
  RattanIndia Enterprises Ltd leads gainers in 'A' group
 ( Hot Pursuit - 21-Nov-23   12:00 )
  BEML consolidated net profit rises 218.51% in the September 2023 quarter
 ( Results - Announcements 10-Nov-23   07:45 )
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