Mumbai, Sept. 3 -- Crisil Ratings stated that the rating reflects the healthy business risk profile supported by PJL's position as a prominent cement player in the central region, its established presence in the domestic ceramic and vitrified tiles industry along with being one of the leading players in the ready-mix concrete (RMC) business and structural improvement in the operating efficiency of the Cement and HRJ Divisions.

The rating also factors in the healthy liquidity and financial risk profile maintained.

These strengths are partially offset by susceptibility to fluctuations in input costs and realisations, cyclicality in the industry and exposure to intense competition.

The agency further said that a weakening of the financial...