Buisness

Rane Holdings reports a consolidated net loss of Rs. 8.1 billion for the fourth quarter

For the fourth quarter ended March 31, 2023, Rane Holdings Ltd, the holding company of the Rane Group, posted a combined net loss of Rs 8.1 crore, the firm said on Saturday.
The city-based business reported a combined net loss of Rs 12.8 crore during the same period the year before.
The consolidated profit after tax for the fiscal year ended March 31, 2023, increased to Rs. 87.3 crore from Rs.
Comparing the current quarter's total income to the same time last year, it increased by Rs 791.9 crore to Rs 948.2 crore.
The consolidated revenue increased to Rs 3,537.5 crore for the fiscal year ended March 31, 2023, from Rs 2,714.7 crore the previous year.
The paid up capital of 1,42,77,809 shares worth Rs 10 each has a proposed dividend from the board of directors of Rs 17 per equity share, according to the firm.
According to the firm, the group's operating performance for the three months ended March 31, 2023, saw a 10% increase in domestic original equipment customer revenue, which was bolstered by robust growth across all vehicle categories.
International sales grew by 49%, the company said, due to stronger demand for goods related to steering, valve trains, light metal casting, and occupant safety.
According to the report, the Indian aftermarket segment's revenue increased by 11%.
Rane Holdings Ltd Chairman and Managing Director L Ganesh commented on the financial performance, stating that “Rane Group companies posted strong revenue growth supported by favorable demand environment in India and higher off-take from international customers.”
Profitability increased as a consequence of higher volumes and greater operational efficiency. Although major global economies are slowing down, India's automobile market is still growing at a robust clip, the expert noted.
In order to reduce costs and drive operations forward, he stated, “We navigate this macro environment scenario cautiously.”

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