CARE reaffirms ratings of Pix Transmissions

Image
Capital Market
Last Updated : Jan 14 2023 | 12:50 PM IST

Pix Transmissions said that CARE Ratings has reaffirmed its rating on the bank facilities of the company worth Rs 149.07 crore.

The credit rating agency has reaffirmed its rating on the long-term bank facilities of the company at CARE A; Stable. It has also affirmed the rating on the short-term bank facilities at "CARE A1.

CARE Ratings said that the reaffirmation of the ratings of Pix Transmissions Limited (PTL) continues to derive strength from the experienced promoters, diversified clientele and PTL's geographical presence.

In addition to this, the ratings factor in the improved performance in FY22 (refers to the period April 1 to March 31) and its sustainability in H1FY23. However, the ratings continue to remain constrained by stretched working capital cycle and exposure to price fluctuations in key raw materials.

Pix Transmission is involved in the manufacturing of mechanical power transmission products like rubber V-belts, cut-edge belts, ribbed belts, synchronous belts, timing belts, etc. PTL has a well-diversified product range with an extensive range of tooling to cover a broad spectrum of belt construction types and sizes. PTL also has an extensive network of committed channel partners across verticals, ably supported by robust infrastructure/systems.

The company's consolidated net profit declined 17.91% to Rs 16.22 crore despite a 2.99% rise in sales to Rs 119.44 crore in Q3 FY23 over Q3 FY22.

The scrip shed 0.71% to end at Rs 809.80 on the BSE on Friday.

Powered by Capital Market - Live News

Disclaimer: No Business Standard Journalist was involved in creation of this content

Subscribe to Business Standard digital and get complimentary access to The New York Times

Quarterly Starter

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

Save 46%

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Access to Exclusive Premium Stories Online

  • Over 30 behind the paywall stories daily, handpicked by our editors for subscribers

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

First Published: Jan 14 2023 | 11:39 AM IST

Next Story