Business

Rane Brake Lining Q3 net profit slides 47%

Rane Brake Lining Ltd. said standalone net profit for the third quarter slumped 47% to ₹6.9 crore due to a decline in sales volume. Revenue from operations grew 1% to ₹134 crore. Sales revenue from OEM customers grew 2% and that from after-market customers remained flat, it said in a statement. “Q3 was a challenging quarter with semiconductor shortage impacting the supply chain and elevated commodity prices reducing the profitability,” said L. Ganesh, chairman.

“The company is working on cost reduction initiatives to mitigate the inflationary pressures. We hope the third wave of coronavirus in India does not adversely impact the demand environment,” he said.


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Printable version | May 27, 2022 10:12:08 pm | https://www.thehindu.com/business/rane-brake-lining-q3-net-profit-slides-47/article38335859.ece