Q2 FY21 Performance Highlights:
- Total Revenue was Rs107.7cr for Q2 FY21 as compared to Rs112.1cr in the Q2 FY20, a decrease of 3.9%
- EBITDA stood at Rs22.6cr as compared to Rs15.2cr during Q2FY20, an increase of 48.7%
- EBITDA Margin at 21.0% for Q2 FY21 as against 13.6% in Q2 FY20, an increase of 743 basis points (bps)
- Net profit (PAT) stood at Rs11.5cr for Q2 FY21 as compared to Rs7.5cr in Q2 FY20, an increase of 54.7%
The Board has approved buyback of the company's fully paid-up equity shares of Rs10 each, from the open market through stock exchange mechanism, for a maximum price of Rs825 per equity share up to an aggregate amount not exceeding Rs22cr excluding transaction costs and applicable taxes.
“With the gradual opening of the economy, we saw a pickup in the demand and OEMs production levels gained momentum anticipating festive sales. The plant operations team effectively handled the production ramp-up despite the supply chain and labour availability challenges. The cost reduction measures and lower material prices helped in margin improvement. We remain cautiously optimistic about the sustenance of the demand post-festive season,” L. Ganesh, Chairman, Rane Group said.