Rane Group Chairman L. Ganesh
Rane Madras Ltd. (RML) has posted a standalone internet loss of ₹196 crore for the quarter ended March from the year-earlier interval on account of impairment of ₹223 crore.
The producer of steering and suspension methods had reported a revenue of ₹17 crore in the year-earlier interval, the corporate mentioned in a press release.
Revenue from operations rose 24% to ₹561 crore, whereas value of supplies consumed soared by 20% to ₹348 crore.
Sales to Indian authentic gear clients grew 18% supported by robust demand throughout car segments, whereas export gross sales grew 45% pushed by robust off-take for steering merchandise. Sales to Indian aftermarket clients elevated by 11%.
“RML posted strong revenue growth supported by robust demand environment in India and strong off-take from international customers. Though we see slowdown in major global economies, the growth momentum across vehicle segments in India continues to remain strong,” mentioned L. Ganesh, group chairman.
“The turnaround planned in the U.S. subsidiary had a setback due to poor offtake in the new business developed and even existing business. The board is closely monitoring the situation and will review the best decision regarding the future of this business considering the long term interests of the Company,” he mentioned.
