Suzlon Group, one of the leading renewable energy solutions providers in the world, today announced that CARE has upgraded the credit rating of SE Forge Limited (SEForge), whollyowned subsidiary of Suzlon Energy Limited, to BBB+ from the earlier BBB. The rating has been assigned to SEForge’s outstanding banks facilities.
SEForge’s performance has shown significant progress as evidenced by its improved financial and operational performance in FY17 resulting in a 25% revenue growth and 68 % growth in profitability during the fiscal. SEForge exited the Corporate Debt Restructuring (CDR) in FY16. It caters to a diverse portfolio with customers globally, across wind energy, defense, power, oil & gas, aerospace, construction and mining sectors.
The investment grade rating is based on the improvement in SEForge’s operational performance and greater revenue visibility. SEForge's ability to increase export volumes and diversify its customer base across industries, improve its technology and scale of operations have been taken into account by CARE for upgrading the rating.
Speaking on the occasion, Kirti Vagadia, Group Chief Financial Officer, Suzlon Group said: “SEForge has demonstrated tremendous growth over the years. Within a decade it has grown from a captive supplier to Suzlon to become an independent entity as one of the leading supplier of large and highprecision castings and forgings. The rating upgrade is a testament of our concerted efforts to ramp up volumes, diversify across sectors and geographies, cost rationalisation and improved profitability. We will endeavour to maintain the growth momentum.”
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