Rane Holdings reports 61.2 per cent hike in Q1 PAT at Rs 19.5 cr

Rane Holdings Ltd, holding company of diversified conglomerate Rane Group has reported a 61.2 per cent rise in its profit after tax for April-June 2024 quarter at Rs 19.5 crore.

city-hequartered company h registered a profit after tax of Rs 12.1 crore during corresponding quarter of last year.

Total revenue during quarter under review fell by 6.71 per cent to Rs 837.4 crore, from Rs 897.7 crore registered in year ago period.

Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) stood at Rs 79.8 crore for April-June 2024 quarter as against Rs 80.9 crore registered year ago. EBITDA margin during June-quarter was 9.5 per cent as against 9 per cent recorded in same quarter of last year.

Revenue from domestic original equipment (OE) customers grew 9 per cent during quarter under review supported a strong growth in passenger vehicle segment.

Revenues from international customers predominantly decreased by 17 per cent on account of divestment of LMCA business while revenue from Indian aftermarket segment decreased by 1 per cent.

In 2023, Rane Mras Ltd decided to divest its wholly owned subsidiary Rane Light Metal Casting Inc., USA (LMCA).