Rane Group Chairman L. Ganesh says they’re prioritising value financial savings initiatives to mitigate the affect on the profitability.
Rane (Madras) Ltd’s (RML) standalone net revenue for the December quarter dipped by 66% to ₹11 crore over the year-ago interval due to a decline within the farm tractor phase and a drop in off-take of steering merchandise in choose export geographies.
Revenue from operations fell by 1% to ₹521 crore, whereas finance prices virtually doubled to ₹15 crore, the main producer of steering and suspension merchandise mentioned in an announcement.
Sales to Indian authentic tools clients grew 1%, whereas progress within the industrial automobile phase was offset by a drop in farm tractors and passenger automobile phase. Export gross sales grew 1%. The robust offtake for mild steel casting merchandise was partially offset by the drop in steering merchandise in choose geographies. The gross sales to Indian aftermarket clients declined by 4%, RML mentioned.
“Despite strong order book, RML continues to face demand challenges in the domestic served segments. We are prioritising cost savings initiatives to mitigate the impact on the profitability,” mentioned Rane Group chairman L. Ganesh.
