Rane (Madras) Ltd., a leading manufacturer of steering and suspension products, has reported a more than fivefold increase in standalone net profit for the first quarter ended June at ₹20 crore on higher volumes and improved sales operational performance.
Income from operations grew 67% to ₹500 crore, it said in a regulatory filing.
RML said that sales to Indian OE customers grew 73% supported by strong demand across vehicle segments, exports sales grew by 41% and sales to Indian aftermarket customers grew 103%. Demand from International customers remained strong.
“Demand environment in India looks encouraging for the upcoming quarter. We remain cautiously optimistic given the evolving economic situation globally,” said L. Ganesh, chairman, Rane Group.
