Rane Holdings Ltd reported a 61.2% increase in Q1 PAT to Rs 19.5 crore, despite a slight revenue decline. Domestic OE revenue grew, while international sales dipped due to LMCA divestment.
Chennai, Aug 3 (PTI) Rane Holdings Ltd, the holding company of the diversified conglomerate Rane Group has reported a 61.2 per cent rise in its profit after tax for the April-June 2024 quarter at Rs 19.5 crore.
The city-headquartered company had registered a profit after tax of Rs 12.1 crore during the corresponding quarter of last year.
Total revenue during the quarter under review fell by 6.71 per cent to Rs 837.4 crore, from Rs 897.7 crore registered in the year ago period.
The Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) stood at Rs 79.8 crore for the April-June 2024 quarter as against Rs 80.9 crore registered year ago. EBITDA margin during the June-quarter was 9.5 per cent as against 9 per cent recorded in the same quarter of last year.
Revenue from the domestic original equipment (OE) customers grew 9 per cent during the quarter under review supported a strong growth in the passenger vehicle segment.
Revenues from international customers predominantly decreased by 17 per cent on account of divestment of LMCA business while revenue from Indian aftermarket segment decreased by 1 per cent.
In 2023, Rane Madras Ltd decided to divest its wholly owned subsidiary Rane Light Metal Casting Inc., USA (LMCA).
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