Mumbai, May 22 -- The agency has reaffirmed its 'Crisil BBB+/Stable' rating on the long-term bank facilities of DSL.

Crisil Ratings stated that the rating continues to reflect the established market position and healthy financial risk profile of DSL. These strengths are partially offset by susceptibility of revenue to changing credit card schemes and volatile operating margin.

The agency further said that steady revenue growth per fiscal while maintaining the operating margin at 8-9%, leading to higher-than-expected net cash accrual, and sustenance of healthy financial risk profile amidst efficient working capital management

However, a decline in operating income or operating margin falling below 5%, resulting in lower-than-expected ne...