Water pumps company Shakti Pumps on Thursday said it has been assigned 'IND A' ratings by India Ratings and Research (Ind-Ra) with a stable outlook.
The Madhya Pradesh-based company is a leader in the manufacturing of energy-efficient pumps and motors, including solar.
In a regulatory filing, Shakti Pumps said, "India Ratings and Research (Ind-Ra) has affirmed its bank facilities at 'IND A' with a stable outlook".
The rating agency has considered several parameters to assign a positive outlook on it, the filing said.
"As per the rating agency, the key rating drivers were (company's) established market position, strong distribution network, diversified revenue portfolio, FY22, steady revenue profile in 9M FY23 (April-December) and robust credit metrics," it said.
Dinesh Patidar, Chairman and Managing Director of Shakti Pumps (India) Limited, said the IND A/stable ratings demonstrate the company's focus on balance-sheet growth. Going forward the company aims to maintain its 30-40 per cent of the market share of the KUSUM scheme while further optimising operations.
"We have also witnessed phenomenal growth in our export segment, seen positive reception of our EV products and increased traction for our new products in the B2C segment. The recent government initiatives also augur well for sustained growth in the future," he said.