The agency has assigned ‘stable' outlook on the long-term credit rating and has also reaffirmed the short-term rating at "[ICRA] A1+”.

The long-term rating upgrade factors in the company's stellar performance in FY2022 undeterred by two 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.

Maharashtra Seamless (MSL) manufactures seamless pipes & tubes with the finest quality and wide product range using the world renowned CPE technology. MSL made a foray in the ERW pipe category and also started coated facility. The company has also diversified into renewable power generation and rig operations.

The company's consolidated net profit jumped 59.91% to Rs 153.23 crore on a 93.25% increase in sales to Rs 1,334.37 crore in Q1 FY23 over Q1 FY22.

The scrip rose 0.59% to currently trade at Rs 828.55 on the BSE.

In the past six months, the stock has zoomed 62.39% while the benchmark Sensex has added 11.28% during the same period.