India's Rane Brake Lining down after Sept-qtr profit falls

Rane Brake Linings

19/10/2021 08:31

** Shares of Indian auto components maker  RABL.NS  fall as
much as 3.8% to 847.80 rupees, their lowest since Sept. 29 
    ** RABL marks biggest intraday pct loss since Aug. 23 after
two straight sessions of gains
    ** Co reports https://bit.ly/3aPdadU Sept-qtr profit of 54.1
mln rupees, down 53.1% from a year earlier
    ** RABL posts Sept-qtr revenue from operations of 1.22 bln
rupees vs 1.05 bln rupees a year ago
    ** "Inflationary pressures on material cost impacted the
profitability," Rane Group chairman L. Ganesh says
    ** Co's total expenses in Sept-qtr were 1.17 bln rupees, a
rise of nearly 29% from a year earlier 
    ** Demand revival continues to be strong, however the supply
constraints due to semiconductor shortage remains a concern,
Ganesh says, adding that co is working on reducing cost to
mitigate inflationary pressures 
    ** More than 41,000 shares traded by 0705 GMT, 3.7 times
their 30-day avg of over 11,000 shares
    ** As of last close, RABL had risen 13% this year vs a
28.51% gain in the Nifty auto index  .NIFTYAUTO  

 (Reporting by Rama Venkat in Bengaluru)
 ((ramavenkat.raman@thomsonreuters.com; https://twitter.com/ramavenkat0607;))