Rane Brake Lining Limited announces financial performance for FY17 ended March 31st, 2017
Author(s): City Air NewsChennai, May 17,2017: Rane Brake Lining Limited (NSE: RBL; BSE Code:532987),a leading manufacturer of Brake Linings, Clutch Facings and Disc Pads today announced financial performance for the financial year (FY17)...
Chennai, May 17,2017: Rane Brake Lining Limited (NSE: RBL; BSE Code:532987),a leading manufacturer of Brake Linings, Clutch Facings and Disc Pads today announced financial performance for the financial year (FY17) ended March 31st, 2017
FY17 Performance
§ Total Revenue was?491.96Crore for FY17 as compared to ?451.64 Crore in the FY16, an increase of 9%
§ EBITDA stood at ?77.32 Crore as compared to ?57.65 Crore during FY16, an increase of 34%
§ EBITDA Margin at 15.7% for FY17 as against 12.8% inFY16
§ Net profit (PAT) stood at ?34.72 Crore for FY17 as compared to ?25.76 Crore in FY16
Corporate Action
§ A final dividend of ?9/- per equity share has been declared by the Board of Directors on the paid-up capital of 79,14,980 of ?10/- each.The total dividend for the year ending March 31, 2017 is ?15/- per equity share including an interim dividend of ?6/- per equity share declared on January 20, 2017 and paid on February 9, 2017.
Operating Highlights
§ The Company’s overall OE sales registered a healthy growth of 16% mainly supported by strong demand from passenger vehicles and Two-wheeler segment
§ Recorded 8% growth in the Indian aftermarket business led by new product launches, however partially affected by demonetization
§ Significant drop in sales to the rail sector; 34% lower in FY17
§ Lower offtake from international aftermarket customers resulted in 7% decline in the exports
§ Margin improvement was driven by sustained cost reduction initiatives and softening of input material costs
§ An exceptional expense of Rs. 14.71 Cr towards Voluntary Retirement Scheme
RBL reported a strongfinancial performance in FY17 on the back of a robustdemand from Indian OEMs in Passenger vehicle segment along with significant improvement in profitability. Sustained cost reduction initiatives and implementation of business excellencemodel has helped RBL to deliver strong operational performance. As the industry awaits GST implementation, we remain cautiously optimistic about the demand environment for FY 18.
L. Ganesh, Chairman, Rane Group