Auto parts firm Rane Madras’ net loss for the fourth quarter narrowed to ₹14.7 crore, against a net loss of ₹17.3 crore in the year-ago quarter.
The company, which is part of the Rane Group, is into the manufacture of steering and suspension products and light metal casting components for the automobile industry.
Consolidated revenue of the company, on a year-on-year (Y-o-Y), basis in Q4 FY21 grew 40.6 per cent to ₹412.89 crore (₹293.63 crore).
“RML (Rane Madras Limited) posted robust sales growth in Q4 FY21 on the back of a favourable demand environment across market segments. The intensity of the second wave and resultant lockdown is likely to impact the growth in Q1 FY22. We continue to prioritise safety of our employees and focus on cost management to navigate the challenging times.” L. Ganesh, Chairman, Rane Group, was quoted in an earnings release.
Standalone revenue on a Y-o-Y basis grew 46.6 per cent to ₹380.4 crore (₹259.4 crore) during Q4FY21 while standalone net loss in Q4 FY21 widened to ₹56.6 crore as against a net loss of ₹34.1 crore in the year-ago quarter.
“Net loss stated includes an impairment provision towards investment in the US subsidiary of ₹62.5 crore in Q4 FY21 compared to ₹37.6 crore in Q4 FY20,” the company said.