Rane (Madras) reports 58.6% yoy rise in Q1 revenue to Rs550 crore; Stock trades lower

22 Jul 2022 , 09:47 AM

Rane (Madras) Limited has announced its standalone and consolidated financial performance for the first quarter (Q1FY23) ended June 30, 2022.

Standalone Q1 FY23 Performance

• Total Revenue stood at Rs501.0 crore for Q1 FY23 compared to Rs306.6 crore in the Q1 FY22, an increase of 63.4%
• EBITDA stood at Rs48.0 crore compared to Rs23.5 crore during Q1 FY22, an increase of 103.9%
• EBITDA Margin at 9.6% for Q1 FY23 against 7.7% in Q1 FY22
• PAT stood at Rs20.1 crore for Q1 FY23 compared to Rs3.7 crore in Q1 FY22, an increase of 439.2%

Consolidated Q1 FY23 Performance

• Total Revenue stood at Rs550.4 crore for Q1 FY23 compared to Rs347.1 crore in the Q1 FY22, an increase of 58.6%
• EBITDA stood at Rs30.2 crore compared to Rs11.3 crore during Q1 FY22, an increase of 167.4%
• EBITDA Margin at 5.5% for Q1 FY23 against 3.3% in Q1 FY22
• PAT (Loss) stood at Rs3.3 crore for Q1 FY23 compared to Profit of Rs15.2 crore in Q1 FY22

Commenting on the result, L Ganesh, Chairman, Range Group said, “Rane (Madras) benefited from the favourable demand environment across the market segments. Higher volumes and improved operational performance helped the company to drive profitability. Demand environment in India looks encouraging for the upcoming quarter.”

At around 9:49 AM, Rane (Madras) was trading at Rs360.85 per share down by Rs2.15 or 0.59% from its previous closing of Rs363 per share on the BSE.