Mumbai, Dec. 16 -- Crisil Ratings stated that the ratings continue to factor in the established track record of the KCP group in the cement segment in southern India and sugar segment in Vietnam, and its healthy financial risk profile.

These strengths are partially offset by sub-par, albeit improving, operating performance of the cement and engineering segments, susceptibility to changing business cycles and the continued demand-supply mismatch in the cement market in south India.

The company has a healthy financial risk profile and remains net cash positive. It is undertaking capital expenditure (capex) for implementation of WHRS and railway siding in the cement segment which will be partly debt-funded.

Additionally, it is expanding i...