In an exchange filing, SBFC Finance announced that ICRA upgraded the company's long-term, fund-based term loan of Rs 2,100 crore to 'AA-' with a stable outlook, up from the previous rating of 'A+' with a stable outlook. Additionally, the ratings agency upgraded and withdrew the company's long term fund based-term loan (unallocated bank) worth Rs 1,400 crore to the same 'AA-' stable rating from 'A+' stable.
An 'AA-' rating from ICRA signifies that the issuer carries very low credit risk and provides a high level of confidence in its ability to meet financial commitments on time.
SBFC Finance is a non-deposit-taking NBFC, catering primarily to entrepreneurs, small business owners, self-employed individuals, and salaried or working-class customers. The company offers services through secured MSME loans and loans backed by gold.
On a consolidated basis, net profit of SBFC Finance rose 68% to Rs 79 crore while total income 29.4% to Rs 298 crore in Q1 June 2024 over Q1 June 2023.
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