Mumbai, Feb. 25 -- The rating on the short-term bank facilities has been upgraded to 'Crisil A1+' from 'Crisil A1'.

Crisil Ratings stated that the revision in outlook factors in sustained improvement in the business risk profile of the Heritage group, driven by healthy growth in revenue and operating margin, along with prudent working capital management.

Revenue is projected to grow at a healthy pace in fiscal 2025, from Rs 3,794 crore in fiscal 2024, with increase in demand translating into healthy volumetric growth and price realisations. Revenue is further likely to maintain the healthy growth momentum over the medium term.

Operating margin is also expected to improve in fiscal 2025, supported by lower procurement prices and average...