Steering, suspension components and diecasting products manufacturer Rane (Madras) Ltd today announced its results for the year ended March 31, 2016. 

The Chennai-based company has registered sales and operating Income of Rs 860.91 crores for FY2016 as against Rs 778.88 crore for the previous year. In the domestic market, the steering and linkages business registered good growth, thanks to new business in the passenger car and medium and heavy commercial vehicle segments.

However, the decline in farm tractor and small commercial vehicle volumes, due to the downturn in the rural market, created a headwind to its sales performance. The company also saw a challenging time in the aftermarket segment but with the introduction of several new products managed healthy growth. 

In the exports market, the die-casting business experienced marginal decline due to an unfavourable product mix. Export sales constituted 23% of the total sales for the year. 

The company says it was able to mitigate cost pressure such as inflationary labour and power costs, exceptional expenditure such as VRS and acquisition-related expenses, through stringent cost control measures.

Commenting on the fiscal results,  L Ganesh, chairman, Rane Group, said: “We are pleased with the continuing progress of Rane Madras and its performance in FY16. We have started focusing on business from global Tier 1 component manufacturers and seeing good momentum in this space. We have continued to win new businesses from OEMs in India and globally. We have also enhanced our capabilities and invested in state-of-the-art R&D facility to help us design and validate new products that would meet our global customer requirements.”