Rane Holdings, the Auto-components manufacturer and the part of the Rane Group, has disclosed a consolidated net profit amounting to Rs 96.31 crore for the quarter ending September 30, 2016. The Chennai-based company had clocked a consolidated net profit at Rs 8.10 crore during the same period of the last financial year. Total income from operations for this quarter increased to Rs 738.76 crore from Rs 600.44 crore registered during year ago period.
Rane Holdings Vice-Chairman L Ganesh said that the healthy performance in Q2 FY 2017 was led by strong growth in passenger vehicle segment. On the balance, they faced muted growth in commercial vehicle segment. He further added that they remain optimistic about the market environment as they progress into the 2nd half of this financial year and in the long term they will stay committed towards delivering profitable growth.
On the other hand, in another statement, the company said the Board of Directors has given the approval for the divestment of entire 45.26 per cent stake held in SasMos HET Technologies Ltd subject to execution of Share Purchase Agreement and receipt of required regulatory approvals. During August 2011, Rane Holdings Ltd as part of its plans to diversify into Aerospace and Defense Sector, attained 26 per cent equity stake in SasMos, involved in manufacturing of wiring harnesses and electrical interconnection systems for aerospace, defence and marine industry. In November 2014, Rane Holdings hiked its stake to 45.26 per cent. It was approved by the Board atking into consideration the various factors with a view to streamline and consolidate investments in the automotive, aerospace and defence segments in alignment with the vision of Rane Group, it said. Ganesh Commented on the exit from SasMos, saying that SasMos has been a rewarding investment and the group will continue to look for investment opportunities in the aerospace sector. Rane Holdings Ltd and promoters of SasMos are in discussion to conclude the terms of sale and transactions.
Last day on 10th Nov, Rane Holdings share price was trading at Rs. 850, up by 4 per cent. The stock closed above 34 points at Rs. 854.05.
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