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.
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