Rane Holdings Ltd. (RHL) reported 41% increase in consolidated net profit for the second quarter ended September at ₹23 crore due to strong growth across vehicle segments.
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Total revenue rose 27% to ₹884 crore, while group aggregate sales increased 21% to ₹1,639 crore, the company said in a statement.
Revenue from Indian original equipment customers grew 23% supported by strong growth across vehicle segments, revenues from international customers increased 24% driven by higher offtake for occupant safety, light metal casting and valve train products, while revenue from the Indian aftermarket segment declined 2%, Rane said.
“The group companies posted strong revenue growth supported by favourable demand from Indian OE and export customers. Higher volumes and improved operational performance helped to mitigate material price increases. The demand environment remains strong with the ongoing festive season, however we remain cautious given the global economic situation and tightening monetary policy,” said chairman and managing director L. Ganesh.