Rane Madras Q2 net surges 87% on strong demand

October 21, 2022 07:29 pm | Updated 07:33 pm IST - CHENNAI

Rane Madras Ltd.’s standalone net profit for the second quarter surged 87% to ₹16 crore following strong demand across vehicle segments and export orders.

Revenue from operations rose 30% to ₹537 crore, the manufacturer of steering and suspension products said in a filing.

Sales to Indian original equipment customers grew 46% and export sales by 16%. Demand for light metal castings products remained strong. However, sales to Indian aftermarket customers declined by 11%.

“The demand environment remains strong with the ongoing festive season. However, we remain cautious given the global economic situation and tightening monetary policy,” said L. Ganesh, chairman, Rane Group.

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