Chennai- Rane (Madras) Ltd., a manufacturer of steering and suspension products and light metal casting components, has reported consolidated revenue of INR 630.1 cr in Q4 FY2023 with an increase of 23.5% compared to last year’s Q4 which reported INR 510.3 cr.
Q4 FY2023 standalone revenue reported 564.1 cr with a revenue growth of 24% compared to the previous year’s Q4 reported 457.3 cr. Profit After Tax (PAT) of INR 9.5 cr, compared with a net loss of INR 2.5 cr in Q4 FY2022
L Ganesh, Chairman of Rane Group commented, “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. We navigate this macro environment scenario cautiously prioritizing operational improvement and cost reduction measures. The turnaround planned in the US subsidiary had a setback due to poor offtake in the new business developed and even existing business, and that the board was closely monitoring the situation and would review the best decision regarding the future of this business considering the long-term interests of the company.”
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