The credit ratings of Jindal Steel and Power (JSPL) have been upgraded by leading rating agency CRISIL to Stable Outlook. The credit rating upgrade by CRISIL comes soon after similar upgrades by CARE and ICRA.

''The credit rating by 3 leading rating agencies CRISIL, ICRA and CARE is a clear reflection of the promise for growth by JSPL. The 5 MTPA integrated steel plant at Angul will be harnessed to optimal capacity utilization levels during this fiscal,'' NA Ansari, CEO, JSPL said. ''JSPL is well poised to continue the superlative performance and growth curve during this fiscal,'' he added.

JSPL reported its highest ever steel production and sales in Q4 2018 and for the Financial Year 2017-18 with the 5 MTPA integrated steel plant at Angul getting fully commissioned. The company posted a net profit of Rs 1.45 billion and emerged back to the black after 13 quarters. In the Q4 FY 2018 results reported yesterday, JSPL's standalone EBIDTA saw a 66% rise on a year-on-year basis and clocked an EBIDTA margin of 26%, as the consolidated EBIDTA traced a growth of 38%.

Shares of the company declined Rs 17.3, or 6.61%, to settle at Rs 244.30. The total volume of shares traded was 1,847,563 at the BSE (Thursday).