Rane Group reports Rs 116 crore PAT in FY2019, down 22%

by Autocar Pro News Desk , 27 May 2019

Rane Holdings, the holding company of Rane group today announced its FY 2019 results. The company reported consolidated revenue of Rs 2,570 crore, a growth of 11.2 percent YoY; EBITDA margin at 9.8 percent (FY2018: 11.1%).

The company reported PAT at Rs 115.8 crore (down 22% YoY). On the other hand Rane Group's aggregate performance saw a 12 percent jump in revenue from Rs 4,798 crore in FY2018 to Rs 5,369 crore in FY2019. The group’s key business highlights for the fiscal year 2019 saw its revenue from Indian OE customers grow by 11 percent supported by increased offtake across major vehicle segments. The revenue from International customers grew 18 percent, which was driven by higher  offtake for steering products and commencement of new businesses for Occupant safety products.  The domestic aftermarket segment for the company witnessed a 12 percent growth, which was supported by new product launches and expansion of dealer network.

L Ganesh, chairman and MD, Rane Holdings said: "FY2019 was an eventful year for the group. The group sales continued to grow and crossed Rs 5,000 crore. The group companies strengthened their market position in India and expanded their international business. Though the adverse material cost trend remained a challenge, the operational performance improved across group companies. We had a challenging start to FY 2020 with weak demand across segments, however we anticipate the market environment to improve once macro-economic condition turns favourable.”

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