ICRA upgrades CMS Info Systems Ltd…

Long term rating upgraded to [ICRA]AA+ from [ICRA]AA; outlook revised to Stable from Positive
Short term rating [ICRA]A1+ reaffirmed

Mumbai, 23 March 2023: ICRA upgrades the long-term credit rating of CMS Info Systems Limited’s (CMS) from AA to AA+. This rating upgrade factors strengthening of CMS’s credit profile, as marked by steady revenue growth, improvement in profit margins, comfortable capital structure and strong liquidity position.

Commenting on the rating revision, Mr. Rajiv Kaul – Exec VC & CEO, CMS Info Systems said “The rating upgrade is a reflection of our strong business which has demonstrated resilience in volatile environments and also delivered high growth with strong profitability. Our zero-debt status and healthy internal accrual generation is a significant competitive advantage to build our leadership position and expand into adjacencies.”

Credit Strengths:

• Leading player in cash management business

• Long-term relationships with key clients

• Strong financial profile and liquidity position

• Sizeable order book provides revenue visibility in the near to medium term

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