Chennai: Rane Brake Lining, part of Rane Group of Companies, has recorded Profits After Tax for the October-December 2019 quarter at Rs 10.2 crore.
The city-based company had recorded PAT at Rs 10.6 crore during the corresponding quarter of the previous year.
Total net revenue for the quarter under review was Rs 130.6 crore as against Rs 134.5 crore recorded a year ago.
For the nine month period ending December 31, 2019 Profits After Tax grew to Rs 25 crore as compared to Rs 22.4 crore in the same period of the previous year.
Total net revenue for the nine month period ending December 31, 2019 was Rs 361.6 crore against Rs 378.9 crore registered a year ago.
The Board of Directors have declared an interim dividend of Rs 6 per equity share on paid-up equity share capital of 79,14,980 shares of Rs 10 each.
The company said sales to Indian OE customers declined 10 per cent due to drop in volumes across segments during the quarter ending December 31, 2019.
Revenue from the two-wheeler segment grew by five per cent during the quarter.
Commenting on financial performance, Rane Group Chairman L Ganesh said “Despite the challenging market environment, RBL managed to minimize the sales drop with the support of the aftermarket segment”.
The management continue to work on cost reduction initiatives and operational performance to navigate the near- term uncertain demand environment,” he said.
Meanwhile, the company, in a BSE notification, said its Managing Director Vinay Lakshman has resigned, citing personal reasons.
The board of directors at its meeting has accepted his resignation, it said.
Source: Economic Times