Rane Limited Reports Unaudited Earnings Results for the Third Quarter and Nine Months Ended December 31, 2012; Declares an Interim Dividend for the Year Ending March 31, 2013, Payable on and from February 07, 2013; Announces Retirement of V. Narayanan as an Independent Director, Effective January 23, 2013
January 23, 2013 at 08:33 am
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Rane (Madras) Limited reported unaudited earnings results for the third quarter and nine months ended December 31, 2012. For the quarter, the company reported net sales/income from operations of INR 1,525.748 million against INR 1,678.343 million a year ago. Profit from operations before other income, finance cots and exceptional items was INR 101.001 million against INR 122.525 million a year ago. Profit from ordinary activities before tax was INR 76.607 million compared to INR 93.595 million a year ago. Net profit was INR 61.624 million or INR 6.06 per basic and diluted share against INR 93.595 million or INR 7.01 per basic and diluted share a year ago. EBITDA was INR 143.2 million.
For the nine months, the company reported net sales/income from operations of INR 4,556.937 million against INR 4,783.594 million a year ago. Profit from operations before other income, finance cots and exceptional items was INR 275.246 million against INR 336.793 million a year ago. Profit from ordinary activities before tax was INR 197.660 million compared to INR 260.012 million a year ago. Net profit was INR 153.357 million or INR 15.09 per basic and diluted share against INR 199.217 million or INR 19.60 per basic and diluted share a year ago.
The company has announced that the Board of Directors of the company at its meeting held on January 23, 2013, declared an interim dividend of INR 2 per equity share for the year ending March 31, 2013, on the paid up equity capital of INR 101,641,450, comprising of 10,164,145 equity shares of INR 10 each. The interim dividend will be paid/dispatched to the eligible shareholders, on and from February 07, 2013. The record date has been fixed as February 2, 2013.
The company also announced that, Mr. V. Narayanan, an Independent Director retired from the Board with effect from January 23, 2013 on attaining the age of 75 years as per the retirement policy of the company.
Rane (Madras) Limited is a manufacturer and supplier for global automotive companies. It manufactures steering and suspension systems, friction materials, valve train components, occupant safety systems, light metal casting products and provides connected mobility solutions. It has two divisions, namely Steering and Linkages Division (SLD) and Light Metal Casting India Division (LMCI). SLD manufactures mechanical steering gears, hydrostatic steering systems and steering and suspension linkage products. LMCI manufactures low porosity, light metal casting, such as steering housings and engine case covers. It manufactures high pressure light metal casting components from its facility in Kentucky, United States. Its products serve a variety of industry segments, including passenger vehicles, commercial vehicles, farm tractors, two-wheelers, three-wheelers, railways, and stationary engines. It has manufacturing facilities at Tamil Nadu, Puducherry, Karnataka, Uttarakhand, and Telangana.
Rane Limited Reports Unaudited Earnings Results for the Third Quarter and Nine Months Ended December 31, 2012; Declares an Interim Dividend for the Year Ending March 31, 2013, Payable on and from February 07, 2013; Announces Retirement of V. Narayanan as an Independent Director, Effective January 23, 2013