Rane Madras Q2 standalone net slumps 61% to ₹2.8 cr.

Rane Madras Ltd. reported standalone net profit for the September quarter contracted by 61% from the year-earlier period to ₹2.8 crore.

Income from operations declined by 8% to ₹529 crore, the leading manufacturer of steering and suspension products said in a statement.

Sales to domestic original equipment customers declined by 10%. .

Export sales declined by 6%. Lower off-take of steering products, particularly in the all-terrain vehicles (ATV) segment, and sales to Indian aftermarket customers had muted growth.