Rane Madras Ltd.’s standalone net profit for the third quarter ended December surged more than fivefold to ₹21.5 crore, due to improved sales to original equipment, international and aftermarket customers. Revenue rose to ₹399 crore from ₹280 crore, the company said in a filing. “We saw strong recovery in the demand environment in Q3. This was well-supported by the production ramp up in the plants. Cost reduction initiatives continued to yield results. We are seeing volatility in customers schedules as they experience supply constraints on certain components. We continue the cost control measures to manage the commodity price increase,” said chairman L. Ganesh.
Source: https://www.thehindu.com/business/rane-madras-net-surges-fivefold-to-215-cr/article33678979.ece
