Rane Brake Linings has reported a net profit of Rs 20.6 crore for the fiscal ended March 2002, up 234 per cent from Rs 6.16 crore earned during the last fiscal.
The higher net profit is partially due to a gain of Rs 9.4 crore from the divestment of its stake in Rane LuK GmbH Clutch Ltd in favour of LuK GmbH, Germany.
The board of directors has declared a dividend of 100 per cent (inclusive of 55 per cent special dividend from profit arising out of divestment of shares) during the last fiscal.
Income from operations increased 13 per cent to Rs 107.8 crore, up from Rs 95.5 crore during April- March 2001. Operating profit before tax was up 35 per cent at Rs 11.2 crore (Rs 8.29 crore). Rane Brake, during the last fiscal, divested its entire stake in 3 other group firms. While it divested 50 per cent in TRW Rane Occupant Restraint and Rane Nastech, it sold its minority stake in Rane TRW Steering Systems.