Rane Limited Reports Earnings Results for the First Quarter Ended June 30, 2023
July 26, 2023 at 01:16 pm IST
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Rane (Madras) Limited reported earnings results for the first quarter ended June 30, 2023. For the first quarter, the company reported sales was INR 5,883.4 million compared to INR 5,492.7 million a year ago. Revenue was INR 5,899.5 million compared to INR 5,503.6 million a year ago.
Net loss was INR 144.7 million compared to INR 32.8 million a year ago. Basic loss per share from continuing operations was INR 8.9 compared to INR 2.02 a year ago. Diluted loss per share from continuing operations was INR 8.9 compared to INR 2.02 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.