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.