Harish Lakshman to take over as Chairman of Rane Group after L Ganesh retires on March 31
Harish Lakshman will take over as Chairman of Rane Group on April 1, 2024.
Harish Lakshman will take over as Chairman of Rane Group on April 1, 2024.
The total revenue for the quarter under review stood at INR 521.4 crore as compared to INR 546.3 crore in Q3 of FY23, the company said in a statement.
Total revenue for Q1 FY24 increased by 7.9% to INR 153.1 crore compared to INR 141.9 crore in Q1 FY23.EBITDA stood at INR12.3 crore compared to INR 12.5 crore during Q1 FY23, a decrease of 1.3%, the company said.
The Deming Distinguished Service Award is given to individuals who have made outstanding contributions in the dissemination and promotion of Total Quality Management outside Japan. Ganesh is the third Indian and fifth globally to receive this award.
The company’s total revenue was Rs 123.3 crore for Q2FY23 up nearly 23% from Rs 100.4 crore in the year-ago period. EBITDA stood at Rs 8.3 crore more than double the Rs 3.5 crore clocked during Q2FY22 while EBITDA margin was at 6.7% as against 3.5% last Q2.
Total revenue of the company stood at INR 157 crore in Q4, up 3%, compared to INR 152 .4 crore in the same quarter in FY21.
The auto industry had been facing reverses even before Covid-19 hit the world markets. The pandemic aggravated the slide and Rane Group could not escape this. Even a recovery in the last 2 quarters of FY21 was short-lived because of the second wave and the chip shortage. However, Harish Lakshman, Vice Chairman, Rane Group, Chennai, is optimistic about the future prospects and this year hopes to achieve its peak revenue of over INR 5300 crore in FY19 which dipped to INR 4030 crore last fiscal. “As we have won a lot more new programmes for the next three years, we will start investing INR 275 crore to INR 300 crore in 2022 on the capacity front as our export business is growing significantly followed by some R&D investment,” Harish told ETAuto in an interview. The excerpts:
The contribution is to the Chief Minister’s Public Relief Fund and for the Tamil Nadu State Disaster Management Authority.
The group which counts Volkswagen, Toyota among others as clients had cut salaries by 5%-30% to its staff with the senior managerial taking steeper cuts after Covid induced lockdown ravaged businesses.
Rane Engine Valve Ltd, a group firm of Rane Group, is engaged in manufacture of engine valves, guides and tappets and declared its financial results for the quarter ending March 31, 2020 on Friday.
Consolidated EBITDA stood at Rs 60.3 crore in FY'20 as compared to Rs 125.9 crore during the year-ago period, a decrease of 52.1%.
Rane Group has appointed Murali K Rajagopalan, President of the Company, as 'Manager' under the Companies Act, 2013, for five years.
Heading into the new year, ETAuto reads the mind of top CEO's to showcase their strategic path in 2020.
The company had posted Rs 37.50 crore consolidated net profit at Rs 37.50 crore in Q2 FY'18.
The company had posted Rs 94.1 crore profit in Q2 FY18, as per a regulatory filing.
A greenfield plant is being set up at Trichy in Tamil Nadu in addition to the existing Chennai facility for these products. This will enable RTSSL to step up its seatbelt capacity from 5.8 million units to 7.5 million units and airbag capacity from 800,000 to 1.5 million units over the next 12 to 18 months.
Total consolidated revenue during the fiscal, however, grew 3.7 per cent to Rs 2,375.1 crore as against Rs 2,273.8 crore in the year ago period.
The company claims that strong demand from Indian OE customers across vehicle segments, robust demand in the Indian Aftermarket segment with 46% YoY growth, improved operational performance of the die casting division, and the favourable product mix improved the operational performance during Q3FY18.
The city-based auto-component manufacturer had recorded net profits of Rs 10.10 crore during the corresponding period last year.
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