Rane Group Chairman L. Ganesh says that despite sluggish demand on certain segments and increased risks globally, they remain cautiously optimistic and prioritise on cost savings initiatives.
Rane Holdings Ltd. (RHL) reported consolidated Q3 net profit of ₹48 crore against a profit of ₹51 crore in the year-earlier period.
Total revenue decreased by 7% to ₹841 crore, the company said in a statement.
Revenue from Indian original equipment customers grew by 12% supported by strong growth across passenger vehicles and commercial vehicles segments.
Revenue from international customers declined by 10% due to divestment of Light Metal Castings Inc. USA (LMCA) business. Organic growth was 4%. Revenue from aftermarket segment grew 1%.
“Despite sluggish demand on certain segments and increased risks globally, we remain cautiously optimistic and prioritise on cost savings initiatives,” said Group Chairman L. Ganesh.
