Auto parts maker Rane (Madras) on Thursday reported a whopping 66.3% fall in standalone web revenue to INR 11.2 crore within the October-December quarter over the identical interval final 12 months. The standalone web revenue within the third quarter of FY23 was at INR 33.3 crore, the corporate stated.
The full income for the quarter beneath evaluation stood at INR 521.4 crore as in comparison with INR 546.3 crore in Q3 of FY23, the corporate stated in a press release.
EBITDA (earnings earlier than curiosity, taxes, depreciation and amortisation) in the course of the third quarter of the fiscal additionally fell 31.3% to INR 50.5 crore from INR 73.5 crore throughout Q3 of FY23, it stated.
“RML had a difficult demand setting attributable to decline within the farm tractor phase and drop in off-take of steering merchandise in choose export geographies in addition to after-market,” stated L Ganesh, Chairman, Rane Group.
Regardless of a robust order ebook, the corporate continues to face demand challenges on the home served segments, he stated. “We’re prioritizing price financial savings initiatives to mitigate the affect on the profitability,” Ganesh added.
Based on the corporate, gross sales to Indian OEM clients grew 1%. Robust offtake for mild metallic casting merchandise was partially offset by the drop in steering merchandise in choose geographies, it stated
In addition to, gross sales to home aftermarket clients declined by 4%, the corporate added.
