Emerging Credit Rating Limited (ECRL) has downgraded the long-term credit rating to A- (pronounced ‘Single A Minus’) and the short-term credit rating to ST-3 for Techno Drugs Limited (TDL). The rating is based on the audited financial statements for FY2020–FY2023, the unaudited financial statements for the 9-months up to March 31, 2024, and other relevant qualitative and quantitative data available as of the rating date. The outlook on the rating remains Stable.