Rane Madras Ltd. (RML) standalone net loss for the quarter ended March narrowed to ₹6.55 crore from a net loss of ₹196 crore in the year-earlier period.
The manufacturer of steering and suspension systems had reported net loss in FY23 on account of an impairment of ₹223 crore. FY24 results included amalgamation expenditure of ₹1.6 crore, RML said in a statement.
Revenue from operations contracted by 8% to ₹518 crore, cost of materials consumed also declined by 8% to ₹321 crore.
Sales to domestic original equipment customers dropped by 9% mainly due to drop in volume in medium and heavy commercial vehicles and farm tractor segment Export sales declined by 10%. Lower off-take of steering products particularly in the all terrain vehicle segment. Sales to Indian aftermarket customers grew by 1%.
