Rane Holdings records dip in consolidated Q2 net

: Rane Holdings Ltd, part of the diversified conglomerate Rane Group, has recorded a drop in its consolidated second quarter profits ending September 30, 2018 at Rs 33.86 crore.

The city-based company had registered consolidated net profit at Rs 37.50 crore during corresponding quarter of previous year.

For the half year ending September 30, 2018 consolidated net profits stood at Rs 66.52 crore as against Rs 73.48 crore registered in the year-ago period.

The consolidated total revenue for the July-September 2018 quarter grew to Rs 647.89 crore from Rs 562.03 crore registered same period of previous year.

For the six-month period ending September 30, 2018 the consolidated total revenue went up to Rs 1,290.56 crore from Rs 1,100.64 crore registered in same period of last year.

In a statement, company CMD, L Ganesh said, "the group companies experienced strong demand from the customers and delivered robust growth. We continued to experience headwinds on material and manpower costs."