Rane Madras, a leading manufacturer of steering and suspension products and die casting components today reported its standalone revenue at Rs 297.2 , down 14.5 percent, a net profit of Rs 3.2 crore , down 75.9 percent YoY for the first quarter Q1 FY2020.

The company reported a consolidated revenue of Rs 346.2 crore crore for Q1 FY2020 (-12.7%), as compared to Rs 396.7 crore for the same period last year. The company reported a loss of Rs 10.3 crore (-351.8%), compared to a profit of Rs 4.1 crore last year.

The company says in terms of standalone performance during the first quarter saw sales to Indian OE customers declined 18 percent. The volume drop across segments particularly farm tractors and commercial vehicles. The export business saw a 11 percent decline in volume terms for the die-casting business. While the domestic aftermarket sales dropped by six percent.

On the consolidated front, Rane Precision Die Casting (RPDC) started supplies on new programs, which was compensated for drop in volume with few existing customers. EBITDA loss widened on account of change in product mix resulting in higher material cost and higher cost on repairs and maintenance.

Commenting on the result, L Ganesh, chairman, Rane Group said: “Q1FY20 was a difficult quarter with significant drop in demand across vehicle segments in India. We expect this declining trend to continue in the near future. The management is working on various initiatives to reduce the impact of volume drop in RML India business. RPDC is working on ramping-up new businesses and improve the operational performance.”