Rane Limited Reports Earnings Results for the Fourth Quarter and Full Year Ended March 31, 2024
May 09, 2024 at 01:02 pm IST
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Rane (Madras) Limited reported earnings results for the fourth quarter and full year ended March 31, 2024. For the fourth quarter, the company reported sales was INR 5,183.2 million compared to INR 6,215.6 million a year ago. Revenue was INR 5,192.8 million compared to INR 6,301 million a year ago. Net loss was INR 93.7 million compared to net income of INR 95.4 million a year ago. Basic loss per share from continuing operations was INR 5.76 compared to basic earnings per share from continuing operations of INR 5.87 a year ago. Diluted loss per share from continuing operations was INR 5.76 compared to diluted earnings per share from continuing operations of INR 5.87 a year ago.
For the full year, sales was INR 22,389.5 million compared to INR 23,544.4 million a year ago. Revenue was INR 22,435.3 million compared to INR 23,723 million a year ago. Net income was INR 30.2 million compared to INR 300.2 million a year ago. Basic earnings per share from continuing operations was INR 1.85 compared to INR 18.46 a year ago. Diluted earnings per share from continuing operations was INR 1.85 compared to INR 18.46 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.