30 May 2022 , 02:24 PM
The rating agency has reaffirmed the ‘CRISIL BBB’ rating for the company’s long-term debt facilities. The outlook has been revised from ‘Negative’ to ‘Stable’.
The company’s short-term rating has been reaffirmed at ‘CRISIL A3+’.
As per the CRISIL’s rating rationale, “The rating action reflects the improvement in operating performance in fiscal 2022 and expected sustained improvement over the near to medium term supported by improving demand scenario for the automobile sector. The company posted healthy growth of 28% in revenues in fiscal 2022 aided by higher offtake from automobile original equipment manufacturers (OEMs). Operating profitability during the year improved to 4.3% from -1.0% in fiscal 2021 driven by better capacity utilization and benefits of various cost rationalization measures taken by the management.”
Rane Engine Valve is currently trading at Rs206 up by Rs12.95 or 6.71% from its previous closing of Rs193.05 on the BSE. The scrip touched intraday high and low of Rs219.40 and Rs196.25 respectively.
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