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Rane Holdings Limited announces earnings for Q2 FY20

Posted On: 2019-11-08 14:13:58

Rane Holdings Limited (NSE: RANEHOLDIN; BSE Code: 505800), the holding Company of Rane group today announced financial performance for the second quarter (Q2 FY20) ended September 30th, 2019.

Group Aggregate Performance - Q2 FY20

- Total Net Revenue decreased by 20.7% to Rs. 1,087.4 Crore in Q2 FY20 from Rs. 1,371.6 Crore in Q2 FY19

- EBITDA stood at Rs. 84.6 Crore as compared to Rs. 150.1 Crore during Q2 FY'19, a decrease of 43.6%

- EBITDA Margin at 7.8% for Q2 FY20 as against 10.9% in Q2 FY19

- PBT stood at Rs. 14.5 Crore for Q2 FY20 as compared to Rs. 85.9 Crore in Q2 FY19, a decrease of 83.1%

Consolidated Financials - Q2 FY20

- Total Net Revenue decreased by 14.8% to Rs. 551.7 Crore in Q2 FY20 from Rs. 647.9 Cr in Q2 FY19

- EBITDA stood at Rs. 41.6 Crore as compared to Rs. 61.9 Crore during Q2 FY19, a decrease of 32.8%

- EBITDA Margin at 7.5% for Q2 FY20 as against 9.6% in Q2 FY19

- PBT stood at Rs. 8.5 Crore for Q2 FY20 as compared to Rs. 55.3 Crore in Q2 FY'19, a decrease of 84.7%

Group's Key Business Highlights for Q2 FY20

- Revenue from Indian OE customers declined by 33%. Volume dropped across vehicle segments.

- Revenues from International customers grew 9% driven by commencement of new businesses for occupant safety products.

- Revenue from Indian aftermarket segment declined 10% (comparable basis)

- EBITDA margin declined by 316 bps on account of higher employee cost and lower fixed cost absorption

- There was an exceptional expenses of Rs. 48.8 Cr pertaining to Rane NSK for incremental provision towards product warranty claim

"Q2 FY20 saw steeper decline in volume in the domestic automotive sector resulting in 21% drop in the group aggregate sales. The impact of volume drop on the margin was partially mitigated by cost savings initiatives and operational performance improvements. Given the current subdued market environment, the group companies continue to manage plant utilization optimally and drive cost savings." L. Ganesh, Chairman & Managing Director, Rane Holdings Ltd.

Shares of RANE HOLDINGS LTD. was last trading in BSE at Rs.878.5 as compared to the previous close of Rs. 879. The total number of shares traded during the day was 210 in over 26 trades.

The stock hit an intraday high of Rs. 879 and intraday low of 866. The net turnover during the day was Rs. 183803.


Source: Equity Bulls

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