Rane (Madras) Limited
announced financial results for the quarter ending December 2021. The company reported a significant decrease in its PAT and EBITDA, which left investors discontent, plunging the share over 6%.
The company reported consolidated revenue of Rs 440.50 crores for the quarter ending December 2021, against Rs 435.20 crore for the previous corresponding quarter, up by 1.2% YoY.
The company reported an EBITDA of Rs 14.90 crore for Q3 FYâ€™22 as compared to Rs 39.30 crore for Q3 FYâ€™21, reflecting degrowth of 62.2%.Companyâ€™s EBITDA margin stood at 3.4% for Q3 FYâ€™22 against 9.0% in Q3 FYâ€™21.
Raneâ€™s share closed at Rs 392.85, down by Rs 26.40 or 6.30% against its previous closing price of Rs 419.25. It touched an intraday high and low of Rs 424.90 and Rs 375 respectively.
Companyâ€™s net loss for the quarter ending December 2021 stood at Rs 4.3 crore as against a net profit of Rs 5.5 crore for the previous corresponding quarter, a decline of 178.5%.
Sale volume to OE customers declined by 4% mainly due to a significant drop in sales to the Farm Tractor segment on account of unseasonal rains and higher dealer inventory. However, OE sales revenue registered a growth of around 5% on account of the inflationary impact in the selling price realization. Sales to Aftermarket customers grew 9% supported by demand across pan India. Sales to international customers shortened by 10%.