Tourism Finance Corporation of India Limited has informed the Exchange about Credit Rating
TFCILTD · price
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Tourism Finance Corporation of India (TFCI) has had its credit rating reaffirmed at BWR A+/Stable by Brickwork Ratings for outstanding Non-Convertible Debentures totalling Rs. 334.74 Crore, unchanged from the previous rating in July 2024. The rating reflects the company's strong capitalisation with a CRAR of 69.70% as of FY25, low gearing of 0.72 times, and adequate liquidity supported by Rs. 141 Cr in cash and Rs. 173 Cr in liquid investments. Profit after tax grew 14% year-on-year to Rs. 103.81 Crore in FY25, while the loan book increased marginally from Rs. 1,588.92 Cr to Rs. 1,693.57 Cr. The agency flagged concerns over a rise in gross NPAs to 3.22% (from 2.75%) and high 65% concentration in the tourism sector, alongside prepayments of around Rs. 504 Crore during the year.
The rating reaffirmation signals continued credit stability and is a neutral-to-mildly positive signal for bondholders, though rising NPAs and persistent tourism-sector concentration are key monitorables that could weigh on the stock if they worsen.