Jul 15
India's largest polyisobutylene maker just got a rating reprieve, and it's really a story about the West Asia crisis easing
ICRA shifted Kothari Petrochemicals from negative watch to developing after the company confirmed on July 2 that government action had restored the refinery feedstock the war had choked off. The books are clean — Rs 591.4 cr operating income, PAT Rs 72.5 cr, near-nil debt. It stays on watch only because of a pending merger with loss-making Kothari Sugars, now before the NCLT. One cloud clears, another rolls in.
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