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.