Rane Holdings registers 5.28% growth in Q2 FY24 revenues
The Tier-1 major of steering, valvetrain, light metal castings, and occupant safety products to automotive OEMs reported a net profit of Rs 63.2 crore in the first half of FY24.
Chennai-based Rane Holdings has reported a 5.28 percent uptick in Q2 FY24 revenues to Rs 930.5 crore (Q3 FY23: Rs 883.8 crore). While the EBITDA stood at Rs 72.7 crore (Q2 FY23: Rs 66.8 crore / +8.7%), the EBITDA margin grew to 7.8 percent, as against 7.6 percent in Q2 FY23. The company’s net profit was pegged at Rs 51.1 crore to register a 119 percent uptick (Q2 FY23: Rs 23.3 crore).
According to L Ganesh, Chairman and MD, Rane Holdings, “Rane Group companies continued to benefit on account of a favourable demand environment in India and strong pull from export customers. The group companies are working on several operational improvement initiatives to enhance efficiencies. Though we remain positive about the demand environment, given the dynamic macro and geopolitical situation we are working closely with our customers and focusing on operational improvements.”
The company attributes its robust performance to the revenue growth from its Indian customers which saw strong growth across vehicle segments, and enabled a 16 percent year-on-year revenue increase for Rane. On the other hand, revenues from international customers increased 20 percent driven by higher offtake across the steering, valvetrain, light metal castings, and occupant safety products. Rane Holdings’ aftermarket revenues registered a 5 percent year-on-year increase in Q2 FY24.
In the first half of the ongoing financial year, Rane Holdings reported a 7.2 percent growth in its consolidated revenues, which clocked Rs 1,828.2 crore (H1 FY23: Rs 1,704.9 crore). The EBITDA stood at Rs 153.6 crore (H1 FY23: Rs 124.8 crore / +23.1%), while the EBITDA margin was pegged at 8.4 percent for the half-yearly period between April and September 2023. The company’s net profit was pegged at Rs 63.2 crore in H1 FY24 (H1 FY23: Rs 43.9 crore / +43.8%).
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