Rane Limited Reports Earnings Results for the Second Quarter and Six Months Ended September 30, 2023
October 30, 2023 at 04:23 am
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Rane (Madras) Limited reported earnings results for the second quarter and six months ended September 30, 2023. For the second quarter, the company reported sales was INR 6,112.4 million compared to INR 6,003.7 million a year ago. Revenue was INR 6,118.8 million compared to INR 6,006.4 million a year ago. Net income was INR 177.7 million compared to INR 0.5 million a year ago. Basic earnings per share from continuing operations was INR 10.93 compared to INR 0.03 a year ago. Diluted earnings per share from continuing operations was INR 10.93 compared to INR 0.03 a year ago.
For the six months, sales was INR 11,995.8 million compared to INR 11,496.4 million a year ago. Revenue was INR 12,018.3 million compared to INR 11,510 million a year ago. Net income was INR 33 million compared to net loss of INR 32.3 million a year ago. Basic earnings per share from continuing operations was INR 2.04 compared to basic loss per share from continuing operations of INR 1.99 a year ago. Diluted earnings per share from continuing operations was INR 2.04 compared to diluted loss per share from continuing operations of INR 1.99 a year ago.
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.