Rane (Madras) Ltd reports standalone Q1 PAT at Rs 20.1 cr

Manufacturer of steering and suspension products Rane Madras Ltd has reported over 400 per cent rise on its standalone profit after tax for the quarter ending June 30, 2022 at Rs 20.1 crore.The city-based company, part of the diversified conglomerate RANE Group, has reported standalone PAT at Rs 3.7 crore during corresponding quarter previous year.The standalone total revenue during the quarter under review grew to Rs 501 crore, from Rs 306 crore registered same quarter last fiscal.Rane Madras benefitted from the favourable demand environment across the market segments.

Manufacturer of steering and suspension products Rane (Madras) Ltd has reported over 400 per cent rise on its standalone profit after tax for the quarter ending June 30, 2022 at Rs 20.1 crore.

The city-based company, part of the diversified conglomerate RANE Group, has reported standalone PAT at Rs 3.7 crore during corresponding quarter previous year.

The standalone total revenue during the quarter under review grew to Rs 501 crore, from Rs 306 crore registered same quarter last fiscal.

''Rane (Madras) benefitted from the favourable demand environment across the market segments. Higher volumes and improved operational performance helped drive profitability,'' Rane Group Chairman L Ganesh said on the financial performance.

''Demand environment in India looks encouraging for the upcoming quarter. We remain cautiously optimistic given the evolving economic situation globally,'' he said.

Standalone Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) stood at Rs 48 crore for the quarter ending June 30, 2022 as compared to Rs 23.5 crore registered same period last financial year, the release said.