The credit rating agency has re-affirmed the short-term rating at '[ICRA] A1+'.

The outlook on the long-term rating has been revised to 'stable' from 'positive'.

Action Construction Equipment is among the leading material handling and construction equipment manufacturers in India, with market leadership in mobile and fixed tower cranes segments.

The company's consolidated net profit declined 11.48% to Rs 27.37 crore on a 9.01% increase in sales to Rs 436.58 crore in Q3 FY22 over Q3 FY21.

The scrip fell 2.29% to end at Rs 230.35 on the BSE.