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Chennai, Oct 21
Auto parts firm Rane Madras has reported an 87 per cent rise in its net profit at ₹15.8 crore in the quarter ended September 30, 2022 as compared to ₹8.5 crore in the year-ago period, aided by good demand from Indian vehicle makers.
Total revenue for the September 2022 quarter stood at ₹537 crore as compared to ₹413.2 crore in the September 2021 quarter, posting an increase of 30 per cent.
While sales to Indian OE customers grew 46 per cent supported by strong demand across vehicle segments, export volumes grew 16 per cent
EBITDA grew 40 per cent at ₹43.8 crore (₹31.2 crore), while EBITDA margin saw an increase of 59 basis points (bps) at 8.1 per cent for Q2 FY23 (7.6 in Q2FY22). Despite the increase in material prices, the EBITDA margin expanded due to higher volumes and improved operational performance, said a company statement.
“Rane Madras posted strong revenue growth supported by demand from the Indian OE segment. Higher volumes and improved operational performance helped to mitigate material price increases. The demand environment remains strong with the ongoing festive season; however, we remain cautious given the global economic situation and tightening monetary policy,” said L Ganesh, Chairman, Rane Group.
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