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

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

The city-based company recorded a consolidated net loss of Rs. 12.8 crore during the corresponding quarter of the previous year.

For the year ended 31st March 2020, consolidated profit after tax rose to Rs.87.3 crore from Rs.35.1 crore recorded last year.

Total revenue for the quarter under review was Rs.948.2 crore as compared to Rs.791.9 crore recorded in the same period in the previous year.

For the year ended 31st March 2023, consolidated revenue grew to Rs. 3,537.5 crore from the Rs. 2,714.7 crore recorded in the last financial year.

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

Regarding the group’s operating performance during the quarter ended March 31, 2023, the company said, revenue from domestic OEM customers grew 10 percent supported by strong growth across the automotive segments.

Revenue from international customers increased 49 percent driven by higher intake through steering, valve train, light metal casting and passenger safety products.

It said revenue from the Indian after-sales service segment grew by 11 percent.

Commenting on the financial performance, Chairman and Managing Director of Rane Holdings Ltd L Ganesh said, “Rane group companies delivered strong revenue growth supported by the favorable demand environment in India and increased purchases from international clients.”

“Higher volumes and improved operating performance have improved profitability. Although we are seeing a slowdown in key global economies, growth momentum across India’s automotive segments remains strong.” He said.

“We are dealing with this macro environment scenario while prioritizing operational movement and cost-cutting measures,” he said.