Rane (Madras) Ltd today said its stand alone profit more than doubled to Rs 16.47 crore in the fourth quarter of 2017-18 fiscal ending March 31, 2018 driven by "roboust demand".
The net profit registered for the January-March quarter was up by 135.6 per cent from Rs 6.99 crore recorded during the corresponding period a year ago, a statement from the company, part of diversified conglomerate Rane Group, said.
For the full year ending March 31, 2018, the company registered standalone net profit of Rs 41.81 crore, an increase of 72.6 per cent from Rs 24.21 crore registered in the previous year.
Standalone total revenue for January-March 31, 2018 was at Rs 351.16 crore against Rs 297.20 crore registered during the corresponding period in the previous fiscal.
For the full year, the company clocked a standalone revenue of Rs 1,242.95 crore as against Rs 1,087.81 crore in 2016-17.
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"RML (Rane Madras Ltd) reported strong numbers led by robust demand from Indian OE (original equipment) customers and improved operational performance", Rane Group, Chairman, L Ganesh said.
The turnaround plan of the overseas subsidiary was in progress with key emphasis on improvement of operations, he said in the statement.
"We continue to work on securing new contracts which will help achieve profitability", he said.
On the domestic market, the company said the steering and linkages business registered good growth across vehicle segments and die-casting business delivered robust performance.
EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation) margin improved by 145 bps due to increased volume and improved operational performance.
The overseas subsidiary achieved positive EBITDA in the first half (of last financial year) but in the second half faced "unanticipated" operational issues leading to significant cost overruns, the statement added.
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