Rane Madras Q2 net surges 87% on strong demand – The Hindu

Chennai News

Rane Madras Ltd.’s standalone net profit for the second quarter surged 87% to ₹16 crore following strong demand across vehicle segments and export orders.

Revenue from operations rose 30% to ₹537 crore, the manufacturer of steering and suspension products said in a filing.

Sales to Indian original equipment customers grew 46% and export sales by 16%. Demand for light metal castings products remained strong. However, sales to Indian aftermarket customers declined by 11%.

“The demand environment remains strong with the ongoing festive season. However, we remain cautious given the global economic situation and tightening monetary policy,” said L. Ganesh, chairman, Rane Group.

Source: https://news.google.com/__i/rss/rd/articles/CBMiY2h0dHBzOi8vd3d3LnRoZWhpbmR1LmNvbS9idXNpbmVzcy9yYW5lLW1hZHJhcy1xMi1uZXQtc3VyZ2VzLTg3LW9uLXN0cm9uZy1kZW1hbmQvYXJ0aWNsZTY2MDQwMjI0LmVjZdIBaGh0dHBzOi8vd3d3LnRoZWhpbmR1LmNvbS9idXNpbmVzcy9yYW5lLW1hZHJhcy1xMi1uZXQtc3VyZ2VzLTg3LW9uLXN0cm9uZy1kZW1hbmQvYXJ0aWNsZTY2MDQwMjI0LmVjZS9hbXAv?oc=5