Garware Hi-Tech Films credit ratings reaffirmed by CARE

CARE Ratings Limited has reaffirmed the credit ratings for Garware Hi-Tech Films Limited's bank facilities. The long-term bank facilities rating remains at CARE AA-; Stable, while the short-term bank facilities retain a CARE A1+ rating. The ratings reflect the company's established position in the specialty polyester films industry, its diversified product portfolio, and improved business profile. CARE also noted the company's strong global export presence, integrated manufacturing facilities, and robust financial risk profile, including improved profitability and comfortable capital structure. The rating agency also took comfort from the company's cash balance of INR640.25 crore. While acknowledging challenges such as raw material price volatility and foreign exchange fluctuations, CARE expects Garware Hi-Tech Films to maintain its strong business risk profile and robust financial position.