Companies

Rane Madras posts 32.5 % rise in Q2 standalone net

Our Bureau Chennai | Updated on October 20, 2021

L Ganesh, Chairman, Rane Group

Auto parts firm Rane Madras reported 32.5 per cent growth in net profit at ₹8.5 crore for the quarter ended September 30, compared with ₹6.4 crore in the year-ago period, supported by good demand across segments of the automotive industry.

Total revenue for the quarter stood at ₹413.2 crore (₹285.7 crore), an increase of 45 per cent. EBITDA grew 7 per cent to ₹31.2 crore (₹29.3 crore), while EBITDA margin saw a fall of 268 basis points (bps) at 7.6 per cent (10.2 per cent), according to a statement.

On a consolidated basis, the company returned to the black with a net profit of ₹2.3 crore compared to a net loss of ₹10 crore in the year-ago quarter. Total revenue stood at ₹459.5 crore (₹322.1 crore).

“Rane Madras experienced strong growth across market segments. Inflationary pressures on material cost impacted the profitability of India business. The overseas subsidiary experienced favourable demand and ramp up in the new programmes. Demand revival continues to be strong. However, supply constraints due to semiconductor shortage remains a concern,” said L Ganesh, Chairman, Rane Group.

Published on October 20, 2021

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