Rane (Madras) Ltd. reports standalone April-June PAT at Rs 3 crore

Manufacturer of steering and suspension products Rane (Madras) Ltd has reported a standalone profit after tax for the April-June 2023 quarter at Rs 3 crore, the company said on Thursday.

The Chennai-based firm had registered a standalone profit after tax at Rs 20.1 crore during the corresponding quarter of last year.

Total revenue during the quarter under review stood at Rs 532.1 crore as against Rs 501 crore registered in the same period of last year.

In a statement, the company said the sales to original equipment customers dropped by 1 percent during the quarter mainly attributed to the farm tractors segment.

"Exports grew by 33 per cent and there was a strong off-take for steering and light metal casting products, the company said. Sales to domestic aftermarket customers dipped by 17 per cent, it said.

"Rane (Madras) Ltd sustained sales momentum albeit decline in volume in the farm tractor segment. The demand from international customers remained robust," Rane Group chairman L Ganesh said.

"Further to the board's decision, the company is exploring various options to divest the (subsidiary company) LMCA business. Demand across major vehicle segments continues to remain robust. We are closely monitoring the evolving economic indicators and continuing to prioritize cost reduction and operational improvement programmes in the upcoming quarter," he said.