Fitch affirms Alchemist

Fitch Ratings said it affirmed Alchemist Ltd.'s national long-term rating at BBB-(ind), along with its Rs. 512.7 million long-term loans, reduced from Rs. 560 million, at BBB-(ind), Rs. 110 million fund-based working capital limits of BBB-(ind) and Rs. 20 million non-fund based working capital limits at F3(ind).

The outlook is stable.

The ratings continue to reflect the company's diversified business profile, consistent but moderate growth in agriculture and pharmaceutical business segments and moderate financial leverage, Fitch said.

The ratings remain constrained by the company's presence in highly competitive and fragmented industries, coupled with the small-to-moderate size of the individual business segments relative to its peers, the agency said.

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