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Biocon Ltd. — Audit Report / Information 2025
Oct 30, 2025
61176_rns_2025-10-30_9eff6586-dbe8-439b-be43-682ad72485b4.pdf
Audit Report / Information
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Biocon Limited 20th KM, Hosur Road Electronic City Bangalore 560 100, India T 91 80 2808 2808 F 91 80 2852 3423
CIN : L24234KA1978PLC003417
www.biocon.com
BIO/SECL/TG/2025-26/111
October 30, 2025
| To, The Secretary BSE Limited Department of Corporate Services Phiroze Jeejeebhoy Towers, Dalal Street,Mumbai – 400 001 |
To, The Secretary National Stock Exchange of India Limited Corporate Communication Department Exchange Plaza, Bandra Kurla Complex Mumbai – 400 050 |
|---|---|
| Scrip Code - 532523 | Scrip Symbol - BIOCON |
Dear Sir/ Madam,
Subject: Intimation regarding Credit Rating
Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that the Company has received rating letter dated October 30, 2025, from ICRA Limited (‘ICRA’) with the following reaffirmation in the credit rating w.r.t. below mentioned instrument:
| Sl. No. | Instruments | Rated Amount (Rs. In Crores) |
Rating Action |
|---|---|---|---|
| 1 | Long Term / Short Term- Unallocated |
450.00 | [ICRA]AA+(Stable)/ [ICRA]A1+; Reaffirmed |
A copy of rating rationale issued by ICRA is enclosed.
The above information will also be available on the website of the Company at www.biocon.com.
Kindly take the same on record and acknowledge.
Thanking You,
Yours faithfully,
For Biocon Limited
RAJESH Digitally signed by RAJESH UMAKANT UMAKANT SHANOY Date: 2025.10.30 SHANOY 20:34:31 +05'30' ____
Rajesh U. Shanoy Company Secretary and Compliance officer ICSI Membership Number: A16328
Encl.: Rating Rationale by ICRA
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October 30, 2025
Biocon Limited: Ratings reaffirmed
Summary of rating action
| Instrument* | Previous rated amount (Rs. crore) |
Current rated amount (Rs. crore) |
Rating action |
|---|---|---|---|
| Long-term - term loans | 205.00 | - | - |
| Long-term/Short-term - based/ non-fund based |
245.00 | - | - |
| Long-term/Short-term – Unallocated |
0.00 | 450.00 | [ICRA]AA+ (Stable)/ [ICRA]A1+; reaffirmed |
| Total | 450.00 | 450.00 |
*Instrument details are provided in Annexure I
Rationale
The ratings reaffirmation considers Biocon Limited’s (Biocon) diversified business model, vertically integrated operations, and global footprint across biosimilars, generics, and research services and ICRA’s expectation that the company’s credit profile will continue to improve over the near-to-medium term.
Biocon, through its subsidiary Biocon Biologics Limited (BBL) has received approval for 11 biosimilars across regulated and emerging markets, with growing market share in oncology, immunology, and diabetes. BBL was the largest contributor to its consolidated revenues in FY2025. ICRA notes that BBL has plans to launch five biosimilars in near future, which are expected to support the company’s revenue growth and operating margins, going forward. Given the complexity, long development cycle and high costs involved, the entry barriers for the biosimilar segment are relatively higher compared to generics, giving BBL the advantage of an early mover. The company is also a reputed global player in statins and immunosuppressants in the generic space and has an established market position in the active pharmaceutical ingredients (APIs) segment. Biocon’s research services segment (operating under a subsidiary, Syngene International Limited [Syngene]) has a strong presence across discovery and development research and contract manufacturing services for small and large molecules. In FY2025, Biocon reported a healthy YoY growth of 10.6% in revenues, adjusted for the sale of branded formulations (BF) segment to Eris Lifesciences, resulting in a gain of Rs. 1,057 crore.
However, the operating profit margin (OPM) improved to 26.8% in FY2025 from 22.6% in FY2024, owing to one time gain of Rs. 1,057 crore on the sale of BF segment to Eris Lifesciences Limited. ICRA also notes that the ramp-up costs associated with operationalising new facilities in generics segment, the slowdown in the US biotech funding impacted the OPM in Q1 FY2026, which was compensated by better operating leverage in the biosimilar segment. Going forward, the OPM improvement would be dependent on new product launches and expansion into new markets. Obtaining new product approvals in a timely manner and the extent of performance improvement in light of increasing competition remain key monitorables.
Further, In FY2025, BBL refinanced its borrowings through senior secured notes worth $800 million (Rs. 6,695 crore as on March 31, 2025) and a new syndicated term loan of $320 million (Rs. 2,697 crore as on March 31, 2025). ICRA notes that BBL earlier had sizeable repayment obligations in FY2025 and FY2026 towards the acquisition loan. However, the repayments have significantly reduced further to aforementioned refinancing exercise. Further, ICRA also notes that the company has successfully fulfilled its obligations (in the form of deferred consideration payable) to Viatris in FY2025. Following the successful Rs. 4,500-crore equity raise through a Qualified Institutional Placement (QIP) in June 2025, Biocon has also retired the structured debt from Goldman Sachs and Kotak as well as commercial paper, thereby improving leverage metrics and
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strengthening control over its biosimilars subsidiary, Biocon Biologics Limited (BBL), where Biocon now holds around 76% stake (on a fully diluted basis). The company’s consolidated adjusted net debt (net debt excluding structured debt[1] )/OPBDITA improved to 2.6 times (adjusting for gain of Rs. 1,057 crore from the sale of branded formulations (BF) segment to Eris Lifesciences) as on March 31, 2025 from 3.5 times as on March 31, 2024. Biocon also has a put option obligation to other investors (totalling Rs. 1,418.6 crore as on March 31, 2025), which invested in BBL over a period of time for an equity stake.
The ratings also consider the company’s weak core return on capital employed (RoCE), which despite improving to 7.3% in FY2025 from 5% in FY2024 post completion of integration activities of Viatris’ biosimilars portfolio, still remains relatively lower than pre-acquisition levels. Its RoCE is expected to improve gradually over the medium-to-long term with healthy accruals, supported by the launch of new products. Like other industry players, Biocon is also exposed to increasing regulatory scrutiny and uncertainties in the approval pathway for molecules under development and consequent volatility in launch timelines and revenues. Additionally, with a significant share of its revenues coming from overseas markets, the company’s revenues and margins are susceptible to risks of fluctuations in foreign exchange rates. However, ICRA notes that the company enjoys significant natural hedge, supported by its prudent hedging mechanism in place.
The Stable outlook on the long-term rating reflects ICRA’s expectation that Biocon is likely to sustain its operating metrics even as its revenue growth may moderate. Further, the outlook underlines ICRA’s expectation that the entity will continue with its deleveraging efforts and incremental capex, if any, to further expand the capacity. The same will be funded in a manner that it is able to durably maintain its debt protection metrics commensurate with the existing rating.
Key rating drivers and their description
Credit strengths
Integrated global pharmaceutical major with capabilities across the value chain and diversified business mix – Biocon is present across the pharmaceutical value chain. It is engaged in research and development (R&D), manufacturing, and marketing activities. The company is also geographically diversified with revenues coming from the US, the EU, India, and most of the world (MoW) markets. In terms of its business profile, the company’s revenues are diversified across generics – APIs, and formulations (19% of revenues in FY2025), biosimilars (58%), and research services (23%). Presence across various businesses and geographies mitigates revenue risks arising from competition and slowdown in a segment/region and lends stability to revenues.
Established R&D capabilities; relatively high entry barriers in biosimilars space – Biocon periodically invests in R&D for clinical trials and development. Its R&D expenses (generics and biosimilars) stood at 10% of its revenues in FY2024 and 7% in FY2025. The company is expected to incur R&D expenses of 7-10% of its generics and biosimilar revenues in FY2026 to support its product pipeline. Further, given the complexity, long development cycle and high costs involved, the entry barriers for biosimilars are relatively higher compared to generics, providing BBL with the advantage of an early mover.
Healthy market position, new product launches, development pipeline and research contracts provide revenue visibility
over medium term – Biocon has a healthy biosimilar portfolio within oncology, diabetes, and autoimmune segments. Three oncology biosimilars (biosimilars Trastuzumab, Pegfilgrastim, Bevacizumab), three immunology biosimilars (biosimilar Etanercept, Ustekinumab and Adalimumab) and three diabetes biosimilars (insulin Glargine, insulin Aspart and insulin rHI) and one ophthalmology biosimilar (biosimilar Aflibercept) have been commercialised as on date. In April 2025, Biocon also received the USFDA[2] approval for Bevacizumab (Jobevene) (biosimilar Avastin) for treating various forms of cancer. Further, the company has biosimilars Pertuzumab and Denosumab for oncology and bone health and six other undisclosed biosimilars are under various stages of development. Moreover, the company is a reputed global player in statins and immunosuppressants in the generics space with an established market position/client relationships for more than 50 APIs, which it supplies to over
1 Structured debt as of March 31, 2025, included debentures issued to Goldman Sachs India AIF Scheme and Kotak Special Situations Fund of $300 million. In addition, $98 million in May 2024 has been raised from Edelweiss Alternative Asset Advisors and ESOF III Investment Fund
2 USFDA: The United States Food and Drug Administration is a federal agency of the Department of Health and Human Services
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750 pharma companies across 100+ countries. It also has an improving presence in the finished dosage formulations segment in the US and other markets. The company is expanding its global footprint beyond its direct presence in the US into other geographies including the UK, Europe, Latin America, Asia and Australia either through a direct presence or strategic partnerships. Biocon, in its generic segment, is actively working on glucagon like peptide (GLP-1) portfolio along with other products in oral solid dosages (OSD) portfolio, which is expected to contribute to the overall revenues, going forward.
Further, the company through its subsidiary, Syngene, has a strong presence across discovery and development research and contract manufacturing services for small and large molecules with established clients. The company has long-term research contracts with reputed clients. SIL also collaborates with major industry players in the consumer products industry and animal health industry. The company has made periodic additions to its customer base, and, at present, has more than 400 active clients. Given the healthy growth prospects for biosimilars, strong demand for services from contract research, CDMO and Biocon’s formulations/ API pipeline, ICRA expects the company to witness a healthy consolidated revenue growth over the medium term.
Healthy revenue growth and margins – In FY2025, Biocon’s revenue rose 10.6% to Rs. 16,319 crore from Rs. 14,755 crore in FY2024. The generics segment revenue grew by 8% in FY2025, with increase in generic formulations and a volume-led recovery in the API business in H2 FY2025. The research services witnessed a modest 4.4% YoY revenue growth in FY2025 as its discovery services segment revenues was impacted on account of subdued US biotech funding in H1 FY2025. In FY2025, BBL’s revenues rose by 14.2%, supported by sale of its branded formulations business to Eris Lifesciences Ltd., resulting in a gain of Rs. 1,057 crore. Overall, the consolidated revenues in FY2025 grew by 10.6% on a YoY basis. Consequently, the OPM also improved to 26.8% in FY2025 from 22.6% in FY2024. ICRA expects the company’s revenue to grow modestly while maintaining healthy operating profit margins, going forward.
Credit challenges
Moderate coverage metrics and low RoCE; refinancing and recent equity raise have supported improvement debt metrics
and liquidity to a certain extent – Biocon’s consolidated debt increased significantly following the debt-funded acquisition of Viatris’ biosimilar assets in November 2022. The total debt as on March 31, 2025 remained high at Rs. 19,780.6 crore against Rs. 18,078.5 crore as on March 31, 2024. While Biocon’s consolidated adjusted net debt (net debt excluding structured debt)/OPBDITA improved to 2.6 times (adjusting for gain of Rs. 1,057 crore from the sale of branded formulations (BF) segment to Eris Lifesciences) as on March 31, 2025 from 3.5 times as on March 31, 2024, the same remains moderately stretched. ICRA notes that the company refinanced debt of $800 million through senior secured notes, $320 million through syndicated term loan and completely fulfilled the deferred consideration payout to Viatris in FY2025. This led to a significant reduction in Biocon’s consolidated debt repayment obligations, going forward. ICRA also notes that Biocon has raised equity of Rs. 4,500 crore via QIP (June 2025), which was partly utilised to repay structured debt of Kotak, commercial paper and purchase of outstanding optionally convertible debentures (OCDs) from Goldman Sachs, reducing the structured debt. Further, the company’s core RoCE improved to 7.3% in FY2025 from 5% in FY2024 and the same is expected to improve gradually over the medium-to-long term with healthy accruals, supported by the launch of new products and limited capex of $200-250 million per annum.
High competition in generics and growing competition in the biosimilars space – The pharmaceutical generics segment encounters high competition and pricing pressure due to the presence of a large number of players in the field. However, periodic product launches, expansion into new geographies and sizeable revenues from other segments where competitive intensity is relatively low, mitigate the risk to a large extent. With the biosimilar industry poised for healthy growth over the next few years, several players are expanding their presence in this space. This is likely to increase competition and pricing pressure for Biocon, going forward. However, its robust biosimilar product portfolio and global footprint are likely to mitigate competitive threats to an extent.
– Regulatory risks and vulnerability to unfavourable forex movement Like other industry players, Biocon is also exposed to increasing regulatory scrutiny and uncertainties in the approval pathway for molecules under development and consequent
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volatility in launch timelines and revenues. Also, Syngene is bound by strict regulations for clinical trials for regulated markets. As a significant portion of its revenues comes from overseas markets, the company’s revenues and margins are susceptible to risks arising from adverse forex movements. However, the partial hedging mechanisms adopted by the company mitigate the risk to an extent.
Environmental and social risks
Environmental considerations – The company does not face material physical climate risk, however, it remains exposed to industry-wide regulatory risks related to environmental compliance. Breaches in waste management or pollution norms could lead to increased operating costs, mandatory capital expenditure for infrastructure upgrades, and potential delays in capacity expansion. These factors may affect cash flows and capital allocation, impacting the company’s credit metrics.
Social considerations – The company faces high industry-wide social risks related to product safety and associated litigation, access to qualified personnel for R&D and process engineering, and maintenance of high manufacturing compliance standards. Further, Government intervention related to price caps/controls also remains a social risk faced by entities in the pharmaceutical industry.
Liquidity position: Adequate
Biocon had consolidated free cash and bank balance and liquid investments of Rs. 4,922.7 crore as on March 31, 2025. Biocon, at the consolidated level, has capex plans of $200-250 million annually in FY2026 and FY2027, which is expected to be mainly funded by internal accruals and existing reserves, coupled with some portion of debt, if required. Also, Biocon has consolidated repayment obligations of Rs. 287 crore and Rs. 678 crore in FY2026 and FY2027, respectively, on its existing loans (excluding lease liabilities), which does not include the expected payment to equity-linked liabilities of the company. ICRA notes that BBL has successfully fulfilled its obligations towards all deferred milestones, which were agreed under the acquisition agreement with Viatris Inc. ICRA also notes that Biocon has raised equity of Rs. 4,500 crore via QIP which is partly utilised to repay structured debt of Kotak, commercial paper and purchase of outstanding OCDs from Goldman Sachs. ICRA expects the capital commitments and debt obligations for the next two years to be funded through a mix of internal accruals and existing cash reserves. Overall, Biocon’s liquidity position is expected to remain adequate over the medium term, supported by its healthy accruals, exceptional financial flexibility, and lender/investor comfort.
Rating sensitivities
Positive factors – ICRA could upgrade the long-term rating if Biocon demonstrates significantly higher-than-expected deleveraging, coupled with improvement in profitability and liquidity position, on a sustained basis.
– Negative factors Pressure on Biocon’s ratings could emerge if the company is unable to achieve material deleveraging and/or is unable to scale up earnings, leading to net debt (excluding structured debt) / OPBDITA exceeding 3.5 times on a sustained basis. The impact of adverse regulatory developments, if any, would be evaluated on a case-to-case basis.
Analytical approach
| Analytical approach | Comments |
|---|---|
| Applicable rating methodologies | Corporate Credit Rating Methodology Pharmaceuticals |
| Parent/Group support | Not Applicable |
| Consolidation/Standalone | For arriving at the ratings, ICRA has considered the consolidated financials of Biocon. Refer to the Annexure II for the list of entities considered for consolidation. |
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About the company
Biocon Limited was initially set up as a joint venture between Biocon Biochemicals Limited of Ireland and Indian entrepreneur Ms. Kiran Mazumdar Shaw in 1978 to manufacture and export enzymes. After the JV partner was acquired by Unilever and businesses were restructured, Biocon became an independent entity, and the Indian promoters bought the entire stake in 1998. In 2000, the company commissioned its first fully automated submerged fermentation plant to produce speciality biopharmaceuticals and received the USFDA approval for lovastatin in 2001. From being a predominantly fermentation-based APIs and enzymes manufacturer, the company has emerged as an R&D-based biotechnology company, having developed its own proprietary products as well as offering research services to global pharmaceutical majors.
Key financial indicators (audited)
| Biocon Consolidated | FY2024 | FY2025 |
|---|---|---|
| Operating income | 14,755.7 | 16,319.0 |
| PAT | 1,382.0 | 1,429.4 |
| OPBDIT*/OI | 22.6% | 26.8% |
| PAT/OI | 9.4% | 8.8% |
| Total outside liabilities/Tangible net worth (times) | 1.2 | 1.1 |
| Total debt/OPBDIT (times) | 5.4 | 4.5 |
| Interest coverage (times) | 3.4 | 4.9 |
Source: Company, ICRA Research; All ratios as per ICRA’s calculations; Amount in Rs. crore; PAT: Profit after tax; OPBDIT: Operating profit before depreciation, interest, taxes and amortisation; * includes gain of Rs. 1,057 crore from the sale of branded formulations (BF) segment to Eris Lifesciences in FY2025.
Status of non-cooperation with previous CRA: Not applicable
Any other information: None
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Rating history for past three years
| Current rating (FY2026) | Current rating (FY2026) | Current rating (FY2026) | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Chronology of rating history for the past 3 years | |||||||||
| FY2025 | FY2024 | FY2023 | |||||||
| FY2026 | |||||||||
| Instrument | Type | Amount rated (Rs crore) |
Oct 30, 2025 |
Date | Rating | Date | Rating | Date | Rating |
| Fund Based/ Non Fund Based- Others |
Long Tem/ Short Term |
- | - | Aug 30, 2024 |
[ICRA]AA+ (Stable)/ [ICRA]A1+ |
Aug 04, 2023 |
[ICRA]AA+ (Stable)/ [ICRA]A1+ |
Jun 30, 2022 |
[ICRA]AA+&/ [ICRA]A1+& |
| - | - | - | - | Nov 17, 2022 |
[ICRA]AA+&/ [ICRA]A1+ |
||||
| Fund Based- Term Loan |
Long Term |
- | - | Aug 30, 2024 |
[ICRA]AA+ (Stable) |
Aug 04, 2023 |
[ICRA]AA+ (Stable) |
Jun 30, 2022 |
[ICRA]AA+& |
| - | - | - | - | Nov 17, 2022 |
[ICRA]AA+& | ||||
| Unallocated | Long Term |
- | - | - | - | Jun 30, 2022 |
[ICRA]AA+& | ||
| Commercial Paper |
Short Term |
Aug 30, 2024 |
[ICRA]A1+; withdrawn |
Aug 04, 2023 |
[ICRA]A1+ | Nov 17, 2022 |
[ICRA]A1+ | ||
| Unallocated | Long Tem/ Short Term |
450.00 | [ICRA]AA+ (Stable)/ [ICRA]A1+ |
- | - | - | - | - | - |
&:Under Watch with Developing Implications
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Complexity level of the rated instruments
| Instrument | Complexity indicator |
|---|---|
| Long-term/short-term – Unallocated | Not Applicable |
The Complexity Indicator refers to the ease with which the returns associated with the rated instrument could be estimated. It does not indicate the risk related to the timely payments on the instrument, which is rather indicated by the instrument's credit rating. It also does not indicate the complexity associated with analysing an entity's financial, business, industry risks or complexity related to the structural, transactional or legal aspects. Details on the complexity levels of the instruments are available on ICRA’s website: Click here
Annexure I: Instrument details
| ISIN | Instrument Name | Date of Issuance |
Coupon Rate | Maturity | Amount Rated (Rs. crore) |
Current Rating and Outlook |
|---|---|---|---|---|---|---|
| NA | Long-term/short-term – unallocated |
NA |
NA | NA | 450.00 | [ICRA]AA+ (Stable)/ [ICRA]A1+ |
Source: Company
- Please click here to view details of lender wise facilities rated by ICRA
Annexure II: List of entities considered for consolidated analysis
| Company Name | Biocon Ownership | Consolidation Approach |
|---|---|---|
| Syngene International Limited | 52.5% | Full Consolidation |
| Biocon Pharma Limited ("BPL") | 100.0% | Full Consolidation |
| Biocon Biologics Limited | 76.8% | Full Consolidation |
| Biocon Biosphere Limited | 100.0% | Full Consolidation |
| Biocon Academy | 100.0% | Full Consolidation |
| Syngene Scientific Solutions Limited | 52.5% | Full Consolidation |
| Syngene Manufacturing Solutions Limited | 52.5% | Full Consolidation |
| Biocon SA | 100.0% | Full Consolidation |
| Biocon Sdn Bhd | 76.8% | Full Consolidation |
| Biocon Biologics Healthcare Malaysia SDN BHD | 76.8% | Full Consolidation |
| Biocon Biologics UK Limited | 76.8% | Full Consolidation |
| Biocon Pharma UK Limited | 100.0% | Full Consolidation |
| Biosimilars Newco Limited | 76.8% | Full Consolidation |
| Biocon Biologics Inc | 76.8% | Full Consolidation |
| Biocon Pharma Inc | 100.0% | Full Consolidation |
| Syngene USA Inc | 52.5% | Full Consolidation |
| Biocon Biologics do Brasil Ltda | 76.8% | Full Consolidation |
| Biocon Biologics FZ-LLC | 76.8% | Full Consolidation |
| Biocon FZ LLC | 100.0% | Full Consolidation |
| Biocon Pharma Ireland Limited | 100.0% | Full Consolidation |
| Biosimilars Collaborations Ireland Limited | 76.8% | Full Consolidation |
| Biocon Pharma Malta Limited | 100.0% | Full Consolidation |
| Biocon Pharma Malta I Limited | 100.0% | Full Consolidation |
| Biocon Biologics Canada Inc | 76.8% | Full Consolidation |
| Biocon Biologics Germany GmbH | 76.8% | Full Consolidation |
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| Company Name | Biocon Ownership | Consolidation Approach |
|---|---|---|
| Biocon Biologics France S.A.S | 76.8% | Full Consolidation |
| Biocon Biologics Spain S.L. | 76.8% | Full Consolidation |
| Biocon Biologics Switzerland AG | 76.8% | Full Consolidation |
| Biocon Biologics Belgium BV | 76.8% | Full Consolidation |
| Biocon Biologics Finland OY | 76.8% | Full Consolidation |
| Biocon Generics Inc | 100.0% | Full Consolidation |
| Biocon Biologics Morocco S.A.R.L.A.U | 76.8% | Full Consolidation |
| Biocon Biologics Greece SINGLE MEMBER P.C | 76.8% | Full Consolidation |
| Biocon Biologics South Africa (PTY) Ltd | 76.8% | Full Consolidation |
| Biocon Biologics (Thailand) Co Ltd | 76.8% | Full Consolidation |
| Biocon Biologics Philippines Inc | 76.8% | Full Consolidation |
| Biocon Biologics Italy S.R.L | 76.8% | Full Consolidation |
| Biocon Biologics Croatia LLC | 76.8% | Full Consolidation |
| Biocon Biologics Global PLC | 76.8% | Full Consolidation |
Note: Company Annual Report FY2025
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ANALYST CONTACTS
Jitin Makkar +91 124 4545 300 [email protected]
Kinjal Shah +91 22 6114 3400 [email protected]
Mythri Macherla +91 22 6114 3435 [email protected]
Aman Mundhada +91 22 6114 3471 [email protected]
RELATIONSHIP CONTACT
L. Shivakumar
+91 22 6114 3406 [email protected]
MEDIA AND PUBLIC RELATIONS CONTACT
Ms. Naznin Prodhani
Tel: +91 124 4545 860 [email protected]
HELPLINE FOR BUSINESS QUERIES
+91-9354738909 (open Monday to Friday, from 9:30 am to 6 pm)
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ICRA ratings should not be treated as recommendation to buy, sell or hold the rated debt instruments. ICRA ratings are subject to a process of surveillance, which may lead to revision in ratings. An ICRA rating is a symbolic indicator of ICRA’s current opinion on the relative capability of the issuer concerned to timely service debts and obligations, with reference to the instrument rated. Please visit our website www.icra.in or contact any ICRA office for the latest information on ICRA ratings outstanding. All information contained herein has been obtained by ICRA from sources believed by it to be accurate and reliable, including the rated issuer. ICRA however has not conducted any audit of the rated issuer or of the information provided by it. While reasonable care has been taken to ensure that the information herein is true, such information is provided ‘as is’ without any warranty of any kind, and ICRA in particular, makes no representation or warranty, express or implied, as to the accuracy, timeliness or completeness of any such information. Also, ICRA or any of its group companies may have provided services other than rating to the issuer rated. All information contained herein must be construed solely as statements of opinion, and ICRA shall not be liable for any losses incurred by users from any use of this publication or its contents.
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