The board of Rane (Madras) Ltd. elevated Harish Laskshman as vice chairman of the company with effect from May 16.
He will advise the company on business and policy matters along with the chairman L. Ganesh. Mr. Lakhsman has been on the board as a director since March 31, 2004, according to a BSE filing.
Meanwhile, Rane’s standalone net profit for the quarter ended March 31 rose 35% to ₹18.96 crore from ₹14.09 crore in the corresponding period of the previous year, due to higher sales income.
Total revenue increased 17% to ₹1,005 crore from ₹862.49 crore.
The board has recommended a final dividend of ₹4 per equity share.
Mr. Ganesh attributed the improved performance to strong demand from passenger car and commercial vehicle segments for the steering and linkages division and commencement of new businesses for steering and die-cast components.
