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The company's subsidiaries also received an upgrade on long term credit ratings.
Rating agency CRISIL, has upgraded the credit rating of the long-term debt instruments of Manappuram Finance to 'CRISIL AA/Stable' (from 'CRISIL AA-/Positive') and reaffirmed its 'CRISIL A1+' rating on the company's commercial paper (CP).
According to the rating rationale released by CRISIL, the upgrade factors in the company’s “healthy asset quality, steady growth in the gold loan business and growing diversity in other asset classes, and strong profitability and return on assets.”
In a statement released on Tuesday, VP Nandakumar, MD & CEO, said that the upgrade is a reaffirmation of the resilience of Manappuram’s business model in the light of turbulence in the NBFC space.