Rane Holdings Ltd reports consolidated loss of Rs 8.1 cr in March quarter

Rane Holdings Ltd, the holding company of Rane Group has reported consolidated net loss at Rs 8.1 crore for the fourth quarter ending March 31, 2023, the company said on Saturday.

The city-based company had registered consolidated net loss at Rs 12.8 crore during corresponding quarter of previous year.

For the year ending March 31,2023, the consolidated profit after tax surged to Rs 87.3 crore form Rs 35.1 crore registered year ago.

Total revenue during the quarter under review stood at Rs 948.2 crore as compared to Rs 791.9 crore recorded in the same period of previous year.

For the year ending March 31, 2023 the consolidated revenue grew to Rs 3,537.5 crore from Rs 2,714.7 crore registered last fiscal.

The Board of directors has recommended a dividend of Rs 17 per equity share on the paid up capital of 1,42,77,809 of Rs 10 each, the company said.

On the group's operational performance during the quarter ending March 31, 2023 the company said, the revenue from domestic original equipment customers grew by 10 per cent supported by strong growth across vehicle segments.

Revenues from international customers increased by 49 per cent driven by higher off-take across steering, valve train, light metal casting and occupant safety products, it said.

The revenue from Indian aftermarket segment grew by 11 per cent, it said.

Commenting on the financial performance, Rane Holdings Ltd Chairman and Managing Director L Ganesh said, "Rane Group companies posted strong revenue growth supported by favourable demand environment in India and higher off-take from international customers."

"Higher volumes and improved operational performance resulted in improved profitability. Though we see slowdown in major global economies, the growth momentum across vehicle segments in India continues to remain strong." he said.

"We navigate this macro environment scenario cautiously prioritising operational movement and cost reduction measures," he said.