Rane Holdings Q2 Profit Jumps to Rs 185.4 Crore

Chennai, Nov 5 (PTI) Rane Holdings Ltd has recorded a consolidated profit after tax of Rs 185.4 crore during the July-September 2024 quarter, attributed to exceptional items, the company said on Tuesday.

The holding company of the city-based diversified conglomerate Rane Group had registered a profit after tax of Rs 51.1 crore during the corresponding quarter of last year.

For the six-month period ending September 30, 2024, the consolidated PAT grew to Rs 204.9 crore, compared to Rs 63.2 crore registered a year ago.

In a statement on Tuesday, the company noted that the numbers for the second quarter and half-year period ending September 30, 2024, are not comparable with last year, due to the divestment of the LMCA business (Rane Light Metal Casting Inc., United States of America) and the acquisition of Rane Steering Systems Pvt Ltd from Japan-based NSK Ltd during the quarter.

Total revenues during the July-September 2024 quarter stood at Rs 920 crore, compared to Rs 930.5 crore during the corresponding quarter of last year. For the six-month period ending September 30, 2024, total revenues marginally declined to Rs 1,757.5 crore from Rs 1,828.2 crore registered a year ago.

Regarding operating performance during the July-September 2024 quarter, revenues from the aftermarket segment increased by 5 per cent, while revenues from overseas customers decreased by 10 per cent, predominantly due to the divestment of the Rane Light Metal Casting Inc., United States of America, business.

The Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) during the quarter improved by 140 basis points, supported by various cost-saving initiatives, the release said.