Business

Rane Holdings optimistic about demand in FY23

L. Ganesh. File.

L. Ganesh. File. | Photo Credit: Bijoy Ghosh

After weathering two waves of COVID-19 in FY22, Rane Holdings said it was optimistic about the demand environment in FY23 and working across the supply chain to mitigate challenges.

“Though we are seeing headwinds in global economy and supply chain challenges, we remain optimistic about the demand environment in FY23,” chairman L. Ganesh said in the 86th annual report of the company.

Going forward, the group companies continued to focus on operational improvement initiatives to handle inflationary pressures and saw good traction with new business development initiatives, he said.

During FY22, the group had posted its highest ever total revenue of ₹5,440 crore, a 31% increase from the year earlier.

Rane Engine Valve Ltd. (REVL) is focusing on growing its electric vehicle insulation business, including non-auto business. Non-auto business grew 42% and contributed to 25% of REVL sales. With the increase in volumes, the company said it was hopeful of achieving a full turnaround and break even in FY23.

The steering and light metal castings business of Rane (Madras) Ltd. had a strong order book pipeline that would support strong growth in the coming years, Mr. Ganesh said.

The focus of Rane Light Metal Casting America for FY23 is to build on operational improvements, secure new businesses, and hope for volume enhancement of its current business to ensure long-term sustainability, he added.


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Printable version | Jul 28, 2022 1:55:15 pm | https://www.thehindu.com/business/rane-holdings-optimistic-about-demand-in-fy23/article65507142.ece