Auto-components manufacturer Rane Holdings, part of the Rane Group, has recorded a consolidated net profit at Rs 96.31 crore for the quarter ending September 30, 2016.
The Chennai-based company had registered consolidated net profit at Rs 8.10 crore during corresponding period of last fiscal.
Total income from operations for the September quarter rose to Rs 738.76 crore from Rs 600.44 crore registered during year ago period.
"Our healthy performance in Q2 FY 2017 was driven by strong growth in passenger vehicle segment. On the balance, we faced muted growth in commercial vehicle segment," Rane Holdings Vice-Chairman L Ganesh said.
"We remain optimistic about the market environment as we progress into the second half of this fiscal and in the long term we stay committed towards delivering profitable growth," he said.
Meanwhile, in another statement, the company said the Board of Directors approved the divestment of entire 45.26 per cent stake held in SasMos HET Technologies Ltd subject to execution of Share Purchase Agreement and receipt of required regulatory approvals.
In August 2011, Rane Holdings Ltd as part of its plans to diversify into Aerospace and Defense Sector, acquired 26 per cent equity stake in SasMos, engaged in manufacturing of wiring harnesses and electrical interconnection systems for aerospace, defence and marine industry.
In November 2014, Rane Holdings increased its stake to 45.26 per cent.
The decision was approved by the Board, considering various factors with a view to streamline and consolidate investments in the automotive, aerospace and defence sectors in alignment with the vision of Rane Group, it said.
Commenting on the exit from SasMos, Ganesh said, "SasMos has been a rewarding investment and the group will continue to seek out investment opportunities in the aerospace sector".
Rane Holdings Ltd and promoters of SasMos are in discussion to conclude the terms of sale and transactions, it added.
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