CareEdge Ratings, one of India’s leading credit rating agencies, has upgraded Smartworks’ Credit Rating to ‘A; Stable’ from ‘BBB+; Positive’ - a two-notch credit rating upgrade reflecting the Company’s strengthened financial position, prudent debt management, and consistent business growth. This a significant milestone for the company that underscores the strength of our financials and the continued growth of our business.

The improved credit rating reflects a combination of factors, including strong balance sheet, robust cash flow generation, reduced credit risk, improved debt servicing capability, and the strategic steps Smartworks has taken to ensure long-term stability and profitability. The successful completion of our IPO has further strengthened our financial profile, improving capital structure and debt coverage.

This upgrade is underpinned by Smartworks' strong pan-India presence as the largest managed office platform, consistent improvement in scale of operations and occupancy, and a diverse, reputed client base that ensures revenue stability. The company's robust operating cash flows, supported by escrow mechanisms provide additional comfort on liquidity. These factors collectively demonstrate Smartworks’ resilience, prudent financial management, and capacity for sustainable growth.

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