Rane Brake Lining Q1 net up 11.56% at Rs 7.33 cr

: Rane Brake Lining Ltd has recorded a 11.56 per cent rise in its net profits to Rs 7.33 crore for the quarter ending June, the city-based company said on Thursday.

Rane Brake Lining, engaged in manufacturing of steering and suspension systems, friction materials among others had clocked net profits at Rs 6.57 crore same period of last year.

For the financial year ending March 31, 2019 net profits of the company was at Rs 36.53 crore.

Total revenue for the April-June quarter slipped to Rs 118.91 crore from Rs 123.16 crore registered year ago.

For the financial year ending March 31, 2019, total revenue of the company was at Rs 520.97 crore.

Commenting on the financial performance, Rane Group Chairman L Ganesh said despite the volume drop in Indian automotive segment RBL managed to post decent performance in Q1 supported by aftermarket segment.

"The market outlook for near-term looks challenging and RBL is trying to build resilience through various cost control initiatives and capitalising on available opportunities in aftermarket segment," he said.