Rane (Madras) Ltd records over 300% rise on standalone Q3 PAT

Steering and suspension products manufacturer Rane (Madras) Ltd has reported over 300 per cent jump on its standalone profit after tax for the quarter that ended December 31, 2022, at Rs 33.3 crore, the company said on Thursday. The company had registered standalone PAT at Rs 7.7 crore during the corresponding quarter last fiscal. Total revenue on standalone basis during the quarter under review grew by 38.7 per cent to Rs 546.3 crore from Rs 394 crore registered in the same period of last year. The standalone profit after tax for the nine-month period ended December 31, 2022 grew by 248 per cent to Rs 69.2 crore from Rs 19.9 crore registered in the same period last year.

Total revenue for the nine-month period ended December 31, 2022, on standalone basis stood at Rs 1,568.5 crore as against Rs 1,107.6 crore registered year ago.

"RML posted strong revenue growth supported by a robust demand environment in India and strong off-take from international customers. Higher volumes and favourable mix helped to improve margins," company chairman L Ganesh said on the financial performance.

"Though the demand environment in India remains strong, we remain cautious given the evolving economic scenario across major global economies," he said. During the quarter under review, the sales to Indian original equipment customers grew by 28 per cent, supported by strong demand across vehicle segments.

Export sales during the quarter grew 68 per cent with strong off-take for steering products, the company said. Sales from the aftermarket customers registered a 12 per cent growth while better operational leverage, favourable mix and forex helped improve EBITDA margin by 555 basis points, the company said. 

Catch latest stock market updates here. For all other news related to business, politics, tech, sports and auto, visit Zeebiz.com.