Rane Brake Q4 net down 24.5%

CHENNAI: Rane Brake Linings Ltd, part of the Rane Group of Companies, today reported a 24.5 per cent decline in its net profit for the fourth quarter ending March 31, 2013 at Rs 3.94 crore.

The city-based auto-component manufacturer, had reported net profit of Rs 5.22 crore during the corresponding period of previous year, Rane Brake Lining said in a statement.

The total income from operations remained flat at Rs 100.78 crore for the fourth quarter ending March 31, 2013 as against Rs 101.24 crore registered during the same period a year ago.

The net profits of the company for the financial year ending March 31, 2013 slipped by 43.8 per cent to Rs 9.09 crore from Rs 16.19 crore registered during the corresponding period of previous year.

For the financial year ending March 31, 2013, the total income from operations marginally grew to Rs 376.43 crore from Rs 359.17 crore in the previous year.

The board at its meeting held today recommended a final dividend of Rs two per equity share on the paid up capital of Rs 7,91,49,800 comprising of 79,14,980 equity shares of Rs 10 each.

"During the financial year 2012-13, the domestic automobile market had not witnessed growth in any segment except utility vehicles and light commercial vehicles," the company said in a statement.

While overall domestic sales had registered a marginal growth for the company, exports were negative due to global slowdown, it said.

"The company had adverse cost impact due to Yen exchange rate and power crisis in Tamil Nadu and Andhra Pradesh", it added.