Rane Holdings Ltd. has turned a consolidated net profit of ₹20.74 crore for first quarter ended June. It recorded a net loss of ₹84 crore in the year-earlier period.
Revenue from operations almost trebled to ₹521 crore. The results include an exceptional item of ₹28 crore pertaining to a certain economic relief provided by the U.S. government to step-down subsidiary U.S. Rane Light Metal Castings Inc. to mitigate COVID-19, it said in a statement.
“Demand environment in India looks encouraging for the upcoming quarter,” said L. Ganesh, CMD. “While overseas demand is encouraging, there would be some impact due to shortage of semiconductors faced by OEMs.”
“The commodity price increase remains a concern. The management team continues to prioritise on employee safety and operational improvements, he said.
