Rane Brake Lining jumped 7.71% to Rs 689.80 after the company's net profit surged 54.7% to Rs 11.5 crore on 3% decline in revenue from operations to Rs 105.34 crore in Q2 September 2020 over Q2 September 2019.
The company's profit before tax (PBT) surged 86% year-on-year to Rs 16.7 crore in Q2 September 2020. Total tax expense surged to 5.13 crore in Q2 September 2020 as against Rs 1.5 crore in Q2 September 2019.
Rane Brake's EBITDA stood at Rs 22.6 crore in Q2 September 2020 compared with Rs 15.2 crore in Q2 September 2019, registering a rise of 48.7%. EBITDA margin improved to 21% in Q2 September 2020 from 13.6% in the same period last year. The result was announced during market hours today, 15 October 2020.
Meanwhile, the company's board has approved buyback of the company's fully paid-up equity shares of Rs 10 each, from the open market through stock exchange mechanism, for a maximum price of Rs 825 per equity share upto an aggregate amount not exceeding Rs 22 crore.
Rane Brake Linings is a leading manufacturer of brake linings, disc pads and clutch facings.
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