Mumbai, May 28 -- The agency has reaffirmed the company's short-term rating at '[ICRA] A1+'.

ICRA stated that the rating upgrade factors in the steady increase in MDL's pre-sales and collections, which is expected to sustain in the coming years, thereby translating into an improvement in cash flow from operations (CFO) and comfortable leverage metrics.

ICRA notes that over the medium to long term, the share of the warehousing and retail segments in cash flows is likely to improve, providing stability to the overall cash flows from operations.

The ratings positively factor in the management's guidance to maintain healthy cash surplus/liquidity cushion, which, along with the expected increase in the share of rental inflows from the wareh...