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Rane Madras Ltd announces Q4, FY19 results

Posted On: 2019-05-23 15:40:51

Rane (Madras) Limited (NSE: RML; BSE Code:532661), a leading manufacturer of steering and suspension products and die casting components today announced its standalone and consolidated financial performance for the financial year (FY19) ended March 31st, 2019.

Standalone FY19 Performance

- Total Net Revenue was Rs. 1,380.8 Crore for FY19 as compared to Rs. 1,219.6 Crore in FY18, an increase of 132%

- EBITDA stood at Rs. 151.7 Crore as compared to Rs. 139.5 Crore during FY18, an increase of 8.8%

- EBITDA Margin at 11.0% for FY19 as against 11.4% in FY18, a decline of 45 basis point (bps)

- Net profit (PAT) stood at Rs. 747.2 Crore for FY19 as compared to Rs. 41.8 Crore in FY18, an increase of 13.0%

Consolidated FY19 Performance

- Total Net Revenue was Rs. 1,564.6 Crore for FYl9 as compared to Rs. 1,408.7 Crore in FY18, an increase of 11.1%

- EBITDA stood at Rs. 125.9 Crore as compared to Rs. 134.9 Crore during FY18, a decrease of 6.7%

- EBITDA Margin at 8.0% for FY19 as against 9.6% in FY18, a decline of 153 basis point (bps)

- Net profit (PAT) stood Rs. 2.4 Crorefor FY19 as compared to Rs. 24.2 Crore in FY18, a decrease of 90.0%

Corporate Action

A final dividend of Rs. 4.5/- per equity share has been recommended by the Board of Directors on the paid-up capital of 1,19,73,171 equity shares of Rs. 10/- each fully paid up. The total dividend for the year ending March 31, 2019 is Rs. 8.5 per equity share including an interim dividend of Rs. 4.0/- per equity share declared on January 22, 2019 and paid on February 08, 2019.

Operating Highlights for FYl9 - Standalone

- Registered 14% growth in sales to Indian OE customers. This was supported by increased share of business and supplies to new models.

- Experienced 9% growth in sales to Indian Aftermarket segment owing to the successful introduction of new parts for the passenger car segment.

- Sales to international customers grew 13%. Robust demand for steering products partially offset by decline in die-casting business. There was lower off take on served models and a key customer program reaching end of production.

- Unfavourable mix, inflationary pressure on raw material and employee cost, resulted in 45 bps drop in EBITDA margin.

Overseas Subsidiary

- Lower offtake in served models resulted in drop in sales.

- Rane Precision Die Casting Inc. (RPDC) improved delivery performance with customers and achieved lower employee cost. However, there were few setbacks as the business incurred higher cost on utilities, unexpected machine downtime resulting in increased production costs and higher repairs and tooling maintenance.

"FY19 was a difficult year for Rane (Madras) The strong performance of steeríng busrness was offset by challenges in die-casting buslness. The Indian die-casting buslness saw overall improvement in operational performance and further cost reduction is planned as the capacity utilization is expected to remain under stress in FY20. RPDC secured new business and the management team is working on operational improvements to ensure long term sustainability of the business." - L. Ganesh, Chairman, Rane Group.

Shares of RANE (MADRAS) LTD. was last trading in BSE at Rs.371.8 as compared to the previous close of Rs. 371.25. The total number of shares traded during the day was 2603 in over 421 trades.

The stock hit an intraday high of Rs. 392 and intraday low of 349. The net turnover during the day was Rs. 970246.


Source: Equity Bulls

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