Crisil has upgraded Hinduja Leyland Finance Ltd. (HLF) rating to AA+/Stable from AA/ Stable and A1+ rating for the Commercial Paper (CP), ahead of the latter listing with NDL Ventures Ltd.

This upgrade reflects the company’s strong financial performance, robust asset quality, and solid liquidity position, reinforcing its long-term financial stability and prudent governance practices, said the Hinduja group firm in a statement.

The improved rating of CP demonstrates confidence in Hinduja Leyland Finance’s diversified resource profile, supported by well-balanced borrowings from both banks and capital markets.

“The company is also poised to get listed shortly, and we believe this rating upgrade will have a significant impact on investors’ outlook in both the equity and debt capital markets,” said HLF MD& CEO Sachin Pillai.

HLF is currently focusing on expanding its portfolio in affordable housing, mortgages and across all vehicle finance segments, while also exploring new opportunities in leasing, MSME financing and extending finance in the alternate energy space, he said.

As of June 2024, HLF managed assets worth ₹51,593 crore (₹39,232 crore). It achieved a 28% CAGR growth in Assets Under Management and 57% in disbursements, which resulted in 36% growth in bottom line.