Rane (Madras) advances 15% on strong December quarter results

In Q3FY21, the company reported a net profit of Rs 5.50 crore against a net loss of Rs 7.2 crore in year-ago quarter

Shares of Rane (Madras) moved higher by 15 per cent to Rs 285 on the BSE in intra-day trade on Wednesday after reporting a consolidated net profit of Rs 5.50 crore for the quarter ended December 2020 (Q3FY21) on the back of strong revenue growth. The company, a manufacturer of steering and suspension products and light metal casting components, had posted a loss of Rs 7.20 crore in Q3FY20.

Total revenue during the quarter under review increased by 35.8 per cent year-on-year to Rs 435.20 crore as against Rs 320.50 crore in the corresponding quarter of the previous fiscal. EBITDA