Rane (Madras) Q4 net dips, FY11 net at Rs 24 cr

Auto component maker Rane (Madras) today posted a net profit of Rs 4.97 crore for the fourth quarter ended March 31, 2011.

The company had a net profit of Rs 5 crore in the same period last fiscal, Rane (Madras) said in a filing to the Bombay Stock Exchange (BSE).

The company's net sales for the fourth quarter ended March 31, 2011, stood at Rs 158.10 crore, as compared to Rs 117.59 crore in the same period last fiscal.

For the year ended March 31, 2011, the company posted a net profit of Rs 24.57 crore, as against Rs 13.81 crore in the previous fiscal.

Commenting on the results Rane Group Chairman L Ganesh said increase in the sales and profits was due to robust growth across all segments in the domestic market and recovery in volumes in export market.

"The continued focus on costs controls and efficiency of operations at a higher level of volumes helped achieving a healthy profitability," Ganesh added.

The company's net sales for the year ended March 31, 2011 rose to Rs 577.08 crore, as compared to Rs 415.07 crore in the last fiscal.

The company's board has also recommended a final dividend of Rs 2.50 per equity share for the year ended March 31, 2011.

Shares of Rane (Madras) today closed at Rs 143 on the BSE, up 0.35% from its previous close.