1) Upgraded the long term credit rating to [ICRA] AA from [ICRA] AA-
2)Reaffirmed the short-term rating at [ICRA] A1+
3) Given a Stable outlook on long term credit rating
The long-term rating upgrade factors in the Company's stellar performance in FY2022 undeterred by 2 waves of COVID-19 coupled with an improvement in its liquidity position. The rating upgrade also factors in the Company's reduced focus on non-core businesses and deleveraging guidance. The ratings assigned indicate high degree of safety regarding timely servicing of financial obligations and very low credit risk.