India's Rane Holdings hits 3 1/2-year high on Q3 profit jump

Rane Holdings

14/02/2023 08:29

** Shares of automotive components maker Rane Holdings Ltd
 RANE.NS  rise as much as 3.4% to 1,049.15 rupees, hitting their
highest in over 3.5 years since July 2019
    ** Co reports a more than fourfold jump in Dec-qtr consol
profit to 409.7 mln rupees ($4.95 mln) from 96.3 mln rupees
    ** Robust demand environment in India and strong off-take
from international customers helped co post strong rev growth-
L. Ganesh, chairman and managing director
    ** Consol rev from ops climbed over 28% to 8.74 bln rupees
while EBITDA margin eased to 12.1% from 8.3% a year earlier, it
said in an exchange filing
    ** About 93,616 shares change hands by 1:26 p.m. IST, 1.3x
30-day avg of 71,136 shares
    ** Stock last up 0.8%, extending YTD gains to 13.5%
($1 = 82.7260 Indian rupees)
 (Reporting by Dimpal Gulwani in Bengaluru)
 ((dimpal.gulwani@thomsonreuters.com))