Rane Holdings said that ICRA has reaffirmed the long-term rating on the bank lines of the company worth Rs 100 crore at '[ICRA] AA-' with 'Stable' outlook.
The ratings agency has also reaffirmed the short-term rating on the same at '[ICRA] A1+'.
Rane Holdings is the holding company of the larger Rane Group, an auto component manufacturing house. In addition to acting as a holding company, it also provides various support services to the group companies like training, infrastructure, IT and business development support.
The company reported a consolidated net profit of Rs 15.05 crore in the quarter ended September 2021 as against Rs 4.17 crore during the previous quarter ended September 2020. Sales rose 36.41% YoY to Rs 691.81 crore in Q2 FY22.
The scrip shed 0.75% to currently trade at Rs 577.30 on the BSE.
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