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CareEdge Research Report
We had clocked a decadal high credit ratio at 2.64 times in H2 FY22 which points towards a positive credit outlook. The uptrend was contributed by upgrades in both, the infrastructure and manufacturing/services sectors. The credit ratio for the banking, financial services and insurance segment moved above unity for the first time since the non-banking financial company crisis.
In H2 FY22, we upgraded ratings of 468 entities and downgraded ratings of 177 entities.
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The sectors which witnessed high upgrades in H2 FY22 were power, roads and construction within the infrastructure sector and steel, chemicals, gems and jewellery and pharmaceuticals in the manufacturing/services sector.
The uptrend in the credit quality can be attributed to higher demand with the economy opening up, releasing of pent-up demand, lower tax regime, lower cost of capital, better realisations, and improvement in profitability, as well as significant deleveraging by India Inc.
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