Rane Brake Lining Ltd, manufacturer of brake linings and disc pads, has reported net profits at Rs 4.41 crore for the fourth quarter ending March 31, 2017.
The Chennai-based company, part of the Rane Group of Companies, had registered net profits at Rs 9.13 crore during the corresponding quarter of the previous year, Rane Brake Linings said in a BSE filing.
For the financial year ending March 31, 2017 net profits surged to Rs 34.71 crore from Rs 25.75 crore registered during the year ago period.
Total revenue for the January-March 31, 2017 quarter went upto Rs 135.36 crore from Rs 125.71 crore registered during year ago period.
For the financial year ending March 31, 2017 total revenue rose to Rs 491.95 crore from Rs 451.64 crore registered during corresponding period of last year.
"Rane Brake Linings reported a strong financial performance in FY17 on the back of a robust demand from Indian OEMs (Original Equipment Manufacturers) in the passenger vehicle segment, along with significant improvement in profitability", Rane Group, Chairman L Ganesh said.
"Sustained cost reduction initiatives and implementation of business excellence model has helped RBL to deliver strong operational performance", he said.
The Board of Directors at its meeting today recommended a final dividend of Rs nine per equity share of Rs 10 each for the financial year 2016-17, subject to approval.
Shares of the company ended at Rs 1,038.35 apiece, up by 2.38 per cent over previous close in BSE.
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