Rane Holdings Limited reports earnings for Q1 FY2020-21

Rane Holdings Limited (NSE: RANEHOLDIN; BSE Code: 505800), the holding Company of Rane group today announced financial performance for the first quarter (Q1 FY21) ended June 30th, 2020.

During the Quarter (Q1 FY21), the entire month of April and half of May were lost owing to the lockdown imposed due to COVID-19 pandemic. As such, the results for Q1 FY21 are not comparable to the corresponding period of the previous year due to the truncated period of operations during the current quarter.

Group Aggregate Performance - Q1 FY21

- Total Net Revenue was ₹314.1 Crore in Q1 FY21 as compared to ₹1,252.9 Crore in Q1 FY20

- EBITDA stood at ₹-76.2 Crore as compared to ₹93.3 Crore during Q1 FY20

- PBT stood at ₹-140.8 Crore for Q1 FY21 as compared to ₹24.8 Crore in Q1 FY20

Consolidated Financials - Q1 FY21

- Total Net Revenue was ₹194.1 Crore in Q1 FY21 as compared to ₹583.5 Cr in Q1 FY20

- EBITDA stood at ₹-46.2 Crore as compared to ₹43.8 Crore during Q1 FY20

- PBT stood at ₹-114.2 Crore for Q1 FY21 as compared to ₹14.3 Crore in Q1 FY20

Group's Key Business Highlights for Q1 FY21

- The plants resumed operations safely and started supplying to customers as the market re-opened gradually.

- The company prioritized on health and safety of the employees, provided necessary support to the suppliers and worked on cost reduction initiatives.

- Group companies saw traction on new business and won new orders from India and International customers.

- RHL and few group companies availed moratorium facility offered by banks to restrict cash outflow and do not foresee major challenges in meeting its financial obligations.

"Q1FY21 was not a typical quarter due to Covid-19 related shutdown of operations. The company took several measures to restart production safely and addressed the customer demand. We are experiencing positive momentum in the demand environment. However, we remain cautious on the recovery to Pre-Covid levels given the partial lockdown measures continuing in several places. We continue to execute the cost reduction and operational improvement initiatives to reduce the impact of lower volume." L. Ganesh, Chairman & Managing Director, Rane Holdings Ltd.

Shares of RANE HOLDINGS LTD. was last trading in BSE at Rs.454.05 as compared to the previous close of Rs. 466.35. The total number of shares traded during the day was 6232 in over 842 trades.

The stock hit an intraday high of Rs. 503.3 and intraday low of 451. The net turnover during the day was Rs. 2992024.

Source : Equity Bulls

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