Latest News | Rane Holdings Ltd Reports Q1 Net at Rs 20.7 Cr
Get latest articles and stories on Latest News at LatestLY. Rane Holdings Ltd, the holding company of Rane Group has reported Rs 20.7 crore in profit after tax for the quarter ending June 30, 2021, the company said on Saturday.
Chennai, Aug 7 (PTI) Rane Holdings Ltd, the holding company of Rane Group has reported Rs 20.7 crore in profit after tax for the quarter ending June 30, 2021, the company said on Saturday.
The city-based company had registered a net loss at Rs 84 crore during corresponding quarter previous year. Total revenue from operations during the quarter under review grew to Rs 531.9 crore from Rs 194.1 crore recorded during the same period last fiscal. On the group's operational performance, the company in a statement said the sales to domestic original equipment manufacturers was impacted by the second wave of the COVID-19 pandemic and shutdown of OEM's production, while demand from overseas remained 'robust'. Drop in the EBITDA (earnings, before interest, taxes, depreciation and amortization) during the period was due to lower volumes and increase in employee cost, the company said.
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Commenting on the financial performance, company chairman L Ganesh said, "Q1 FY22 was an eventful quarter with the country weathering the second wave of coronavirus.
The group companies' plants operated during the quarter albeit at lower utilisation levels. Demand environment in India looks encouraging for the upcoming quarter". "The commodity price increase remains a concern. While the overseas demand is encouraging, there would be some impact due to shortage of semiconductors faced by OEMs.
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The management continues to prioritise on employee safety and operational improvements", he added.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)