Rane Holdings Ltd.’s (RHL) consolidated net loss for the quarter ended March has narrowed to ₹8 crore from ₹13 crore in the year-earlier period due to higher volumes and improved operational performance.
Revenue from operations increased by 20% to ₹938 crore, while costs of material rose 16% to ₹515 crore, RHL said in a regulatory filing.
The financials included a loss of ₹11 crore incurred by subsidiaries due to fair value changes, quality claims and VRS expenditure.
Revenue from Indian original equipment customers grew 10% supported by strong growth across vehicle segments. Revenue from international customers increased 49% driven by higher off-take across steering, valve train, light metal casting and occupant safety products, while revenue from the Indian aftermarket segment grew 11%.
“Though we see slowdown in major global economies, the growth momentum across vehicle segments in India continues to remain strong. We navigate this macro environment scenario cautiously prioritising operational improvement and cost reduction measures,” said Rane Group chairman and managing director L. Ganesh.
The board declared a dividend of ₹17 per share, which would be paid by August 11.
Published - May 12, 2023 07:53 pm IST
