Mumbai, Sept. 15 -- Brickwork Ratings stated that the rating factors in the management's extensive experience in the pharmaceutical industry, significant growth in scale of operations, improved profitability margins, a robust capital structure with low leverage, and healthy debt-coverage metrics.

However, the rating is constrained by intense market competition, strict regulatory compliance risks (including quality norms and government price controls).

The 'stable' outlook indicates a low likelihood of a rating change over the medium term. The rating outlook may be revised to 'positive' in case the revenue and profitability margins show sustained improvement. The rating outlook may be revised to 'negative' if the financial risk profile g...