Rane (Madras) Ltd reported a 26 per cent drop in net profit to Rs 12.44 crore for the financial year 2014-15, as against Rs 16.78 crore in the previous fiscal.
Sales went up seven per cent to Rs 778.88 crore in the fiscal 2014-15, when compared with Rs 726.60 crore in the previous year. Sales in the domestic market and the export market grew by five per cent and 11 per cent, respectively.
RML is part of Rane Group of companies, and is into manufacture of auto components, including steering and suspension linkage products and steering gears.
The company said it had incurred a Rs 3.24-crore exceptional expense on voluntary retirement service (VRS) for its employees.
