Rane Holdings Ltd. (RHL) has posted a consolidated net profit of ₹38 crore for the quarter ended March against a loss of ₹8 crore in the year-earlier period due to strong growth driven by demand from the two-wheeler and passenger vehicle segments.
Revenue from operations contracted 7% to ₹870 crore, the holding company of Rane Group said in a statement.
Sales to original equipment customer grew by 5%. Sales to aftermarket customers grew by 6%. Export sales decreased by 14% predominantly on account of divestment of Rane Light Metal Casting Inc. business.
On Wednesday, the board approved the appointment of Carborundum Universal Ltd. Chairman M.M. Murugappan as independent director for a period of five years from August 2. It also approved the appointment of Rane Brake CFO J. Ananth as RHL’s CFO in the place of M.A.P. Sridhar Kumar due to intra-group company transfer from July 1.
The board recommended a dividend of ₹25 per share to be paid by August 12.
