Rane Holdings Limited Chairman and Managing Director L. Ganesh.
| Photo Credit: Special Arrangement
Rane Holdings Limted (RHL) consolidated net profit for the quarter ended December rose by 4.87 times to ₹51.5 crore supported by higher volumes and price recovery from customers.
Group aggregate sales increased by 22% to ₹1,662 crore. Revenue from Indian original equipment customers grew 15% supported by strong growth across vehicle segments. Revenues from international customers increased 53% driven by higher offtake for steering and occupant safety products. Revenue from Indian aftermarket segment grew 11%.
During the period, revenue from operations rose to ₹874 crore from ₹681 crore. The results included exceptional item of ₹5 crore incurred by subsidiaries towards voluntary retirement expenditure and impairment of goodwill.
Share of profit from joint venture/associate companies was ₹13 crore against a loss of ₹3.44 crore, it said in a regulatory filing.
“Rane Group companies posted strong revenue growth supported by robust demand environment in India and strong off-take from international customers. Higher volumes and price recovery from customers supported profitability improvement. Though the demand environment in India remains strong, we remain cautious given the evolving economic scenario across major global economies.” said, L. Ganesh, CMD.
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