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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.
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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