Rane Madras, a manufacturer of steering and suspension products and light metal casting components, has reported consolidated Profit After Tax (PAT) of Rs 9.5 crore, compared with a net loss of Rs 2.5 crore in the year-ago period.

The company reported consolidated revenues of Rs 630.1 crore in Q4FY23 compared to Rs 510.3 crore in Q4FY22, registering an increase of 23.5%.

The management said that the demand environment in the US remained challenging with multiple customers reducing schedules. The company saw stable operational performance on quality, cost, and customer delivery.

“RML posted strong revenue growth supported by robust demand environment in India and strong off-take from international customers. Though we see slowdown in major global economies, the growth momentum across vehicle segments in India continues to remain strong. We navigate this macro environment scenario cautiously prioritizing operational improvement and cost reduction measures.”

He added that the turnaround planned in the US subsidiary had a setback due to poor offtake in the new business developed and even existing business, and that the board was closely monitoring the situation and would review the best decision regarding the future of this business considering the long-term interests of the company.