Infoparks Kerala, a society fully owned by the State government, has retained A-/Stable CRISIL ratings in the latest review despite the largely work-from-home arrangement in the wake of the COVID-19 outbreak.
The rating continues to reflect Infoparks’ strong financial risk profile and healthy liquidity, a release issued here said.
Establishments depend on rating by a credible agency for enhancing their access to funding, widening range of funding alternatives, and for optimising the cost of funds. The 1987-founded CRISIL, a subsidiary of American financial information company S&P Global, provides ratings and research, besides risk and policy advisory services.
The latest CRISIL rating reflects the financial stability of Infoparks Kerala, said Sasi P.M., Chief Executive Officer of IT Parks Kerala.
Implying that the pandemic couldn’t make a dent in the business prospects, he said the Infoparks continue to get regular enquiries for occupancy.
“A few small firms did wind up operations, but that is not necessarily owing to COVID-19. This has happened in the past too. What is gratifying is that the demand for space has been increasing steadily over the past two months, even more than the space being vacated,” Mr. Sasi said.
The CRISIL report attributes Infoparks’ good performance to the financial support from the government and guarding the IT establishment against any possible loss.
Infoparks Kerala enjoys 80 per cent occupancy in the IT buildings and their income for 2019-20 was ₹2 crore more than the year before.
The post-tax profit of Infoparks Kerala had shown a 10 per cent increase, CRISIL said.
