Rane Holdings Ltd. — Interim / Quarterly Report 2023

Feb 14, 2023

Registered Office: " Moithri " 132, Cathedral Road, Chennai 600 086. India.

Tel : 91 44 2811 2472 URL : www.ranegroup corn

Rolle

CIN : L35999TN1936PLC002202

Rane Holdings Limited

//Online Submission/)

RH US E104712022-23

February 14, 2023

BSE Limited	National Stock Exchange of India Limited
Listing Centre	NEAPS
Scrip Code: 505800	Symbol: RANEHOLDIN

Dear Sir / Madam,

Sub: Outcome of Board Meeting held on February 14, 2023 - under Regulation 30 of SEBI LODR

Ref: Our letter no. RHL/SE/042/2022-23 dated December 30, 2022

This is to inform that the Board of Directors, inter alia, approved the un-audited financial results (standalone & consolidated) of the Company for the quarter and nine-months ended December 31, 2022, as recommended by the audit committee at their respective meeting(s) held today (February '14, 2023).

The un-audited financial results (standalone & consolidated) of the Company for the quarter and nine-months ended December 31,, 2022 is enclosed along with the Limited Review Report on both standalone & consolidated results issued by M/s. BSR & Co., LLP, Chartered Accountants, Statutory Auditors. (Regulation 33). An 'earnings release' for the above results is also enclosed. (Regulation 30).

The un-audited financial results (standalone & consolidated) will be uploaded on the website of the company at www.ranegroup.com and stock exchanges at www.bseindia.com and www.nseindia.com (Regulation 46).

The meeting of the Board of Directors commenced at 11 : 19 hrs (1ST) and concluded at if hrs (1ST).

We request you to take the above on record and note the compliance under above referred regulations of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (SEBI LODR).

Thanking you,

Yours faithfully

For Rane'HOlding0;timited

••sy Siva Ch c) rap.akrati;',/ Secretary

End: a/a

1. Un-audited financial results (standalone & consolidated) for the quarter and nine months ended December 31, 2022.

2. Limited Review Report (standalone & consolidated) for the quarter and nine months ended December 31, 2022.

3. Earnings release for the quarter and nine months ended December 31, 2022.

	Registered Office : " Maithri", 132, Cathedral Road, Chennai - 600 086	RANE HOLDINGS LIMITED CIN : L35999TN1936PLC002202 Visit us at: www.ranegroup.com
	Statement of unaudited standalone financial results for the quarter and nine months ended December 31, 2022
			Quarter ended			Nine months ended	Rs. Lakhs Year ended
		December 31,	September 30,	December 31,	December 31,	December 31,	March 31,
	Particulars	2022	2022	2021	2022	2021	2022
		Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
1.	Income
	Revenue from operations	2,364	3,961	1,858	9,237	6,779	8,880
	Other income	16 2,380	12 3,973	1,986 3,844	38 9,275	2,025 8,804	2,044 10,924
	Total income
2.	Expenses
	Employee benefits expense Finance costs	597 148	600 148	439 152	1,715 434	1,253 450	1,701 590
	Depreciation and amortisation expense	128	93	77	309	230	309
	Professional charges	213	138	150	432	370	468
	Information systems expenses	194	184	170	575	489	675
	Other expenses	185	256	152	612	472	634
	Total expenses	1,465	1,419	1,140	4,077	3,264	4,377
3.	Profit before exceptional items and tax (1-2)	915	2,554	2,704	5,198	5,540	6,547
4.	Exceptional items (refer note 7.)	-	-	(1,781)	-	(1,781)	(1,781)
5.	Profit before tax (3+4)	915	2,554	923	5,198	3,759	4,766
6.	Tax expense
	Current tax	171	469	576	957	1,240	1,306
	Current tax for earlier years	-	-	-	-	-	77
	Deferred tax	(2)	(23)	(2)	(40)	(10)	(5)
7.	Total tax expense Profit for the period (5-6)	169 746	446 2,108	574 349	917 4,281	1,230 2,529	1,378 3,388
8.	Other comprehensive income
	Items that will not be reclassified subsequently to profit or loss
	(i) Re-measurement (losses) / gains on defined benefit plans	10	(20)	7	(57)	(29)	15
	(ii) Net gain / (loss) on fair value through other comprehensive income equity instruments	(217)	259	3	(136)	1,297	384
	(iii) Income tax effect on above	53	(61)	(2)	49	(319)	(100)
	Total other comprehensive income	(154)	178	8	(144)	949	299
9.	Total comprehensive income for the period (7+8) (Comprising profit and other comprehensive income for the period)	592	2,286	357	4,137	3,478	3,687
10.	Paid-up equity share capital (face value of Rs.10/- each fully paid up)	1,428	1,428	1,428	1,428	1,428	1,428
11.	Other equity	-	-	-	-	-	49,115
12.	Earnings per share (EPS) (face value of Rs.10/- each) (amount in Rs.) (not annualised for quarters and year to date periods)
	Basic (in Rs.)	5.22	14.77	2.44	29.98	17.71	23.73
	Diluted (in Rs.)	5.22	14.77	2.44	29.98	17.71	23.73

		RANE HOLDINGS LIMITED CIN : L35999TN1936PLC002202
	Registered Office : " Maithri", 132, Cathedral Road, Chennai - 600 086
	Statement of unaudited consolidated financial results for the quarter and nine months ended December 31, 2022	Visit us at: www.ranegroup.com
							Rs. Lakhs
			Quarter ended			Nine months ended	Year ended
	Particulars	December 31, 2022	September 30, 2022	December 31, 2021	December 31, 2022	December 31, 2021	March 31, 2022
1.	Income	Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
	Revenue from operations	87,425	87,929	68,144	2,57,068	1,89,392	2,67,730
	Other income Total income	3,165 90,590	449 88,378	2,178 70,322	1,857 2,58,925	3,237 1,92,629	3,736 2,71,466
2.	Expenses
	Cost of materials consumed	52,214	53,236	39,999	1,53,365	1,11,639	1,56,036
	Purchases of stock-in-trade Changes in inventories of finished goods, stock-in-trade and work-in-progress	228 (2,384)	244 (2,245)	254 (1,833)	703 (5,282)	628 (6,654)	1,089 (6,333)
	Employee benefits expense	13,711	13,108	12,274	39,689	35,815	48,002
	Finance costs Depreciation and amortisation expense	1,372 3,563	1,062 3,293	961 3,224	3,277 10,183	2,602 9,542	3,417 12,884
	Other expenses Total expenses	15,872 84,576	17,352 86,050	13,775 68,654	47,020 2,48,955	38,289 1,91,861	52,365 2,67,460
3.	Profit / (loss) before share of profit / (loss) of joint venture / associate entities,	6,014	2,328	1,668	9,970	768	4,006
	exceptional items and tax (1-2)
4.	Share of profit / (loss) of joint venture / associate entities (includes share of exceptional items, net of taxes) (refer note 6.)	1,315	1,334	(344)	4,192	1,597	(736)
5.	Profit before exceptional items and tax (3+4)	7,329	3,662	1,324	14,162	2,365	3,270
6.	Exceptional items (refer note 7.)	(509)	(115)	523	(729)	4,154	4,088
7.	Profit before tax (5+6)	6,820	3,547	1,847	13,433	6,519	7,358
8.	Tax expense Current tax	2,192	1,300	1,249	4,841	2,772	3,746
	Current tax for earlier years	-	-	-	-	17	295
	Deferred tax Total tax expense	(517) 1,675	(85) 1,215	(458) 791	(945) 3,896	(1,053) 1,736	(189) 3,852
9.	Profit for the period (7-8)	5,145	2,332	1,056	9,537	4,783	3,506
10.	Other comprehensive income Items that will not be reclassified subsequently to profit or loss
	(i) Re-measurement (losses) / gains on defined benefit plans (ii) Net gain / (loss) on fair value through other comprehensive income equity instruments	46 (217)	(129) 260	75 3	(150) (136)	(188) 1,297	59 384
	(iii) Income tax effect on above	44	(35)	(22)	70	(263)	(84)
		(127)	96	56	(216)	846	359
	Items that will be reclassified subsequently to profit or loss (i) Net movement on cash flow hedges	-	-	-	-	(193)	(193)
	(ii) Exchange differences on translation of foreign operations (iii) Income tax effect on above	(2,930) -	1,011 -	658 -	(1,190) -	743 -	700 -
		(2,930)	1,011	658	(1,190)	550	507
	Total other comprehensive income	(3,057)	1,107	714	(1,406)	1,396	866
11.	Total comprehensive income for the period (9+10) (Comprising profit and other comprehensive income for the period)	2,088	3,439	1,770	8,131	6,179	4,372
	Profit for the period attributable to:
	(a) Owners of the Company (b) Non-controlling interest	4,097 1,048	2,010 322	963 93	8,112 1,425	4,284 499	2,414 1,092
	Other comprehensive income attributable to:	5,145	2,332	1,056	9,537	4,783	3,506
	(a) Owners of the Company	(2,237)	838	498	(1,064)	1,277	714
	(b) Non-controlling interest	(820) (3,057)	269 1,107	216 714	(342) (1,406)	119 1,396	152 866
	Total comprehensive income attributable to:
	(a) Owners of the Company (b) Non-controlling interest	1,860 228	2,848 591	1,461 309	7,048 1,083	5,561 618	3,128 1,244
		2,088	3,439	1,770	8,131	6,179	4,372
12.	Paid-up equity share capital (face value of Rs.10/- each fully paid up)	1,428	1,428	1,428	1,428	1,428	1,428
13.	Other equity	-	-	-	-	-	76,194
14.	Earnings per share (EPS) (face value of Rs.10/- each) (amount in Rs.) (not annualised for quarters and year to date periods)
	Basic (in Rs.) Diluted (in Rs.)	28.69 28.69	14.08 14.08	6.74 6.74	56.81 56.81	30.00 30.00	16.91 16.91

Notes to statement of unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2022

• 1. Limited ('the Company') at their respective meetings held on February 14, 2023.
• 1. financial results of the subsidiaries and joint venture / associate entities were reviewed by the respective statutory auditors, as applicable.
• 1. The above financial results have been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard ³⁴ "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended. The above financial results were reviewed and recommended by the Audit Committee and thereafter approved by the Board of Directors of Rane Holdings The Statutory auditors have carried out a limited review of the above financial results for the quarter and nine months ended December 31, 2022. The The Company holds strategic investments in subsidiaries (the Company and its subsidiaries collectively referred to as and joint venture / associate entities that are engaged primarily in manufacturing / marketing of components and providing technological services for the transportation industry, mainly the automotive sector. The Company also provides management, information technology and business development services to its subsidiaries and
• 1. joint venture / associate entities.
• 1. context of Indian Accounting Standard (Ind AS) 108 Operating Segments, is considered as the only operating segment.
• 1. In respect of, Rane t4u Private Limited ("Rt4u") a subsidiary company, the Company assessed the carrying value of its investments and considered the fair value changes thereto resulting in a reduction in the carrying value aggregating to Rs. 1,781 Lakhs for the quarter and nine months ended December 31, 2021 and year ended March 31, 2022 being shown as an exceptional charge in the standalone financial results; and the corresponding effect in the consolidated financial results towards impairment of goodwill was Rs. 162 Lakhs for the quarter and nine months ended December 31, 2021 and for the year Rane (Madras) Limited ("RML"), a subsidiary company incurred VRS expenditure of Rs. 261 Lakhs for the quarter and nine months ended December 31, The Step down subsidiary in the U.S., Rane Light Metal Castings Inc., was entitled to certain economic relief provided by the U.S. government in Share of profit / (loss) of joint venture / associate entities disclosed in the unaudited consolidated financial results includes the share of exceptional item, recorded by Rane NSK Steering Systems Private Limited ("RNSS") of Rs. Nil for the quarter and nine months ended December 31, 2022 and Rs. 2,254 Lakhs for the quarter and nine months ended December 31, 2021 and Rs. 7,918 Lakhs for the year ended March 31, 2022 . This was incurred by RNSS towards incremental warranty claims with respect to certain specific lots of products sold by RNSS to one of its customers. RNSS has determined the amount based on technical estimates and is currently in discussions with various parties to determine and conclude on certain aspects that may impact the quantum of the final warranty liability to be borne by RNSS. Based on its assessment and pending final outcome of such discussions and negotiations, RNSS believes that the cumulative provision carried by them towards such special warranty obligations as at December 31, 2022, is adequate. Rane Engine Valve Limited a subsidiary company incurred a Provision for Customer Quality Claims for Rs. 200 Lakhs for the quarter ended December 31,2022, Rs.115 Lakhs for the quarter ended September 30 2022 and Rs. 420 Lakhs for the nine months ended December 31, 2022 towards estimated product liability costs, in respect of certain valves supplied to an overseas customer pending finalisation. REVL has initiated insurance claim in respect of the same, which is under process.The management is of the opinion that the provision carried as at December 31, 2022 is adequate to cover the Further REVL has incurred Voluntary Retirement Scheme ('VRS') expenditure of Rs. 48 Lakhs for the quarter and nine months ended December 31, 2022 ; The Group is primarily engaged in manufacture and supply of auto components and providing technological services for transportation industry which in the
• 1. Exceptional items in the above financial results includes the following:
• a. ended March 31, 2022.
• b. estimated net liability.

Rs. 265 Lakhs for the quarter ended December 31, 2021 and Rs.355 Lakhs for the nine months ended December 31,2021 and year ended March 31, 2022.

• c. Rane Brake Lining Limited ("RBL"), a subsidiary company incurred VRS expenditure of Rs. 66 Lakhs for the year ended March 31, 2022.
• d. 2022.

The Company / Group has considered the possible effects that may result from the continued effect of the COVID-19 pandemic on the carrying amounts of assets, capital and financial resources, profitability, liquidity position, internal financial controls etc. In developing the assumptions relating to the possible future uncertainties, the Company / Group, as at the date of approval of these financial results has used internal and external sources of information and based on current estimates expects that the carrying amount of these assets will be recovered. The impact of COVID-19 on the financial results may differ from that estimated as at the date of approval of these financial results depending on the circumstances that may evolve in the future. The Company / Group order to manage the impact of COVID-19 pandemic. Pursuant to such economic relief schemes, during the nine months ended December 31, 2021, LMCA received an approval for forgiveness of the paycheck protection program loan from the U.S. Small Business Administration (SBA) for an amount of USD 2.63 million (INR 1,945 Lakhs). Further, LMCA was eligible for employee retention credit (ERC), from the U.S. Internal Revenue Service during the nine months ended December 31, 2021 for an amount of USD 3.66 million (INR 2,726 Lakhs) (including USD 1.26 million (INR 950 Lakhs) for the quarter ended December 31, 2021). The aggregate amounts of such relief have been recorded as an exceptional income in the consolidated results for the quarter and nine months ended December 31, 2021 and for the year ended March 31, 2022. The unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2022 are being published in the newspaper as per the format prescribed under SEBI (Listing Obligations and Disclosure requirements) Regulations, 2015. The financial results are also

• 1. The comparative period figures have been regrouped wherever necessary to conform to current period's classification.
• 1. will continue to closely monitor any material changes to future economic conditions.
• 1. being made available on the Stock Exchange websites: www.bseindia.com and www.nseindia.com and on the company's website: www.ranegroup.com.

Date : February 14, 2023

For Rane Holdings Limited

Place : Chennai L Ganesh Chairman & Managing Director

B S R & Co. LLP

Chartered Accountants

KRM Tower, 1 st & 2 nd Floors, No.1, Harrington Road, Chetpet, Chennai – 600 031, India

Telephone: +91 44 4608 3100 Fax: +91 44 4608 3199

Limited Review Report on unaudited standalone financial results of Rane Holdings Limited for the quarter ended 31 December 2022 and year to date results for the period from 01 April 2022 to 31 December 2022 pursuant to Regulation 33 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

To the Board of Directors of Rane Holdings Limited

• 1. We have reviewed the accompanying Statement of unaudited standalone financial results of Rane Holdings Limited (hereinafter referred to as "the Company") for the quarter ended 31 December 2022 and year to date results for the period from 01 April 2022 to 31 December 2022 ("the Statement").
• 1. This Statement, which is the responsibility of the Company's management and approved by its Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations"). Our responsibility is to issue a report on the Statement based on our review.
• 1. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
• 1. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.

For B S R & Co. LLP

Chartered Accountants

Digitally signed by

Firm's Registration No.:101248W/W-100022

SIVARAMAKRIS HNAN SETHURAMAN

SIVARAMAKRISHNAN SETHURAMAN Date: 2023.02.14 12:03:00 +05'30'

S Sethuraman

Partner

Chennai Membership No.: 203491

14 February 2023 UDIN:23203491BGYXWA5022

Registered Office:

B S R & Co. (a partnership firm with Registration No. BA61223) converted into B S R & Co. LLP (a Limited Liability Partnership with LLP Registration No. AAB-8181) with effect from October 14, 2013 14th Floor, Central B Wing and North C Wing, Nesco IT Park 4, Nesco Center, Western Express Highway, Goregaon (East), Mumbai - 400063

B S R & Co. LLP

Chartered Accountants

KRM Tower, 1 st & 2 nd Floors, No.1, Harrington Road, Chetpet, Chennai – 600 031, India

Telephone: +91 44 4608 3100 Fax: +91 44 4608 3199

Limited Review Report on unaudited consolidated financial results of Rane Holdings Limited for the quarter ended 31 December 2022 and year to date results for the period from 01 April 2022 to 31 December 2022 pursuant to Regulation 33 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

To the Board of Directors of Rane Holdings Limited

• 1. We have reviewed the accompanying Statement of unaudited consolidated financial results of Rane Holdings Limited (hereinafter referred to as "the Parent"), and its subsidiaries (the Parent and its subsidiaries together referred to as "the Group") and its share of the net profit after tax and total comprehensive income of its joint venture/ associate entities for the quarter ended 31 December 2022 and year to date results for the period from 01 April 2022 to 31 December 2022 ("the Statement"), being submitted by the Parent pursuant to the requirements of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations").
• 1. This Statement, which is the responsibility of the Parent's management and approved by the Parent's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review.
• 1. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

We also performed procedures in accordance with the circular issued by the Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, to the extent applicable.

• 1. The Statement includes the results of the entities mentioned in Annexure I to the Statement.
• 1. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of the other auditors referred to in paragraph 7 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.
• 1. We draw attention to note 6 to the unaudited consolidated financial results, relating to one of the joint venture / associate entities, wherein the component auditor has included an emphasis of matter in their review report regarding such entity's management's assessment of the special warranty obligations pending the ongoing discussions and negotiations amongst relevant parties.

Our conclusion is not modified in respect of this matter.

Registered Office:

B S R & Co. (a partnership firm with Registration No. BA61223) converted into B S R & Co. LLP (a Limited Liability Partnership with LLP Registration No. AAB-8181) with effect from October 14, 2013 14th Floor, Central B Wing and North C Wing, Nesco IT Park 4, Nesco Center, Western Express Highway, Goregaon (East), Mumbai - 400063

Limited Review Report (Continued)

Rane Holdings Limited

1. We did not review the financial results of two subsidiaries included in the Statement, whose financial results reflect total revenues (before consolidation adjustments) of Rs. 12,579 lakhs and Rs. 36,737 lakhs, total net loss after tax (before consolidation adjustments) of Rs. 210 lakhs and Rs. 731 lakhs and total comprehensive loss (before consolidation adjustments) of Rs.199 lakhs and Rs. 696 lakhs, for the quarter ended 31 December 2022 and for the period from 01 April 2022 to 31 December 2022 respectively, as considered in the Statement. The Statement also include the Group's share of net profit after tax of Rs 1,315 lakhs and Rs. 4,192 lakhs and total comprehensive income of Rs. 1,316 lakhs and Rs. 4,158 lakhs, for the quarter ended 31 December 2022 and for the period from 01 April 2022 to 31 December 2022 respectively as considered in the Statement, in respect of two joint venture/ associate entities, whose financial results have not been reviewed by us. These financial results have been reviewed by other auditors whose reports have been furnished to us by the Parent's management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries and joint venture / associate entities, is based solely on the reports of the other auditors and the procedures performed by us as stated in paragraph 3 above.

Our conclusion is not modified in respect of this matter.

1. The Statement includes the financial information of three subsidiaries (including a step-down subsidiary) which have not been reviewed, whose financial information reflect total revenues (before consolidation adjustments) of Rs. 195 lakhs and Rs. 592 lakhs, total net profit / (loss) after tax (before consolidation adjustments) of Rs. 1 lakh and (Rs. 19 lakhs) and total comprehensive loss (before consolidation adjustments) of Rs. 2,951 lakhs and Rs 1,421 lakhs, for the quarter ended 31 December 2022 and for the period from 01 April 2022 to 31 December 2022 respectively, as considered in the Statement. According to the information and explanations given to us by the Parent's management, these financial information are not material to the Group.

Our conclusion is not modified in respect of this matter.

For B S R & Co. LLP

Chartered Accountants

Firm's Registration No.:101248W/W-100022

SIVARAMAKRIS HNAN SETHURAMAN Digitally signed by SIVARAMAKRISHNAN SETHURAMAN Date: 2023.02.14 12:02:02 +05'30'

S Sethuraman

Partner

Chennai Membership No.: 203491

14 February 2023 UDIN:23203491BGYXWB4874

Limited Review Report (Continued) Rane Holdings Limited

Annexure I

List of entities included in unaudited consolidated financial results.

Name of the entity	Nature of relationship
Rane Holdings Limited	Parent Company
Rane (Madras) Limited	Direct subsidiary of the Parent Company
Rane Brake Lining Limited
Rane Engine Valve Limited
Rane T4U Private Limited
Rane Holdings America Inc.
Rane Holdings Europe GmbH
Rane (Madras) International Holdings B.V.	Step-down subsidiary of the Parent Company
Rane Light Metal Castings Inc.
Rane NSK Steering Systems Private Limited	Joint venture/ associate entities
ZF Rane Automotive India Private Limited (formerly known as Rane TRW Steering Systems Private Limited)
ZF Rane Occupant Safety Systems Private Limited (from June 17, 2022)	Subsidiary of joint venture/ associate entities

RANE HOLDINGS LIMITED

Q3 FY23 Earnings Release

Chennai, India, February 14, 2023 Rane Holdings Limited (NSE: RANEHOLDIN; BSE Code: 505800), the holding Company of Rane group today announced financial performance for the third quarter (Q3FY23) and

nine months (9MFY23) ended December 31st, 2022.

Consolidated Q3 FY23 Performance

• Total Revenue was 905.9 Crore in Q3 FY23 compared to 703.2 Crore in Q3 FY22, an increase of 28.8%
• 109.5 58.5 Crore during Q3 FY22, an increase of 87.1%
• EBITDA Margin at 12.1% for Q3 FY23 against 8.3% in Q3 FY22
• PAT stood 51.5 Crore for Q3 FY23 compared to 10.6 Crore in Q3 FY22, an increase of 387.2%

Consolidated 9M FY23 Performance

• Total Revenue was 2,589.3 Crore in 9M FY23 compared to 1,926.3 Crore in 9M FY22, an increase of 34.4%
• 234.3 129.1 Crore during 9M FY22, an increase of 81.5%
• EBITDA Margin at 9.0% for 9M FY23 against 6.7% in 9M FY22
• PAT stood at 95.4 Crore for 9M FY23 compared to 47.8 Crore in 9M FY22, an increase of 99.4%

Operational Performance Q3 FY23

• Group Aggregate Sales increased by 22% from Rs. 1,359.2 Cr in Q3 FY22 to Rs. 1,661.7 Cr in Q3 FY23
• o Revenue from Indian OE customers grew 15% supported by strong growth across vehicle segments
• o Revenues from International customers increased 53% driven by higher offtake for steering and occupant safety products
• o Revenue from Indian aftermarket segment grew 11%
• Despite increase in material prices, EBITDA margin expanded by 376 bps supported by higher volumes and price recovery from customers

MANAGEMENT COMMENT

Rane Group companies posted strong revenue growth supported by robust demand environment in India and strong off-take from international customers. Higher volumes and price recovery from customers supported profitability improvement. Though the demand environment in India remains strong, we remain cautious given the evolving economic scenario across major global economies.

L. Ganesh, Chairman & Managing Director, Rane Holdings Ltd.

BUSINESS HIGHLIGHTS

	BUSINESS HIGHLIGHTS
CONSOL ID ATE	D F INAN CIA	L PE RFO RM	A NCE
Particulars	Q3FY23	Q3FY22	YOY%
Total Revenue	905.9	703.2	28.8%
EBITDA	109.5	58.5	87.1%
Margin (%)	12.1%	8.3%	376 bps
PAT	51.5	10.6	387.2%
Particulars	9MFY23	9MFY22	YOY%
Total Revenue	2,589.3	1,926.3	34.4%
EBITDA	234.3	129.1	81.5%
Margin (%)	9.0%	6.7%	235 bps
PAT	95.4	47.8	99.4%
ore, unless otherwise mentioned)
GROUP AGGREGATE SALE			S (Q3 FY23)
	B Y M A R K E T	(% )
Intl		India OEM &

Particulars	Q3FY23	Q3FY22	YOY%
Total Revenue	905.9	703.2	28.8%
EBITDA	109.5	58.5	87.1%
Margin (%)	12.1%	8.3%	376 bps
PAT	51.5	10.6	387.2%
Particulars	9MFY23	9MFY22	YOY%
Total Revenue	2,589.3	1,926.3	34.4%
EBITDA	234.3	129.1	81.5%
Margin (%)	9.0%	6.7%	235 bps
PAT	95.4	47.8	99.4%
ore, unless otherwise mentioned) GROUP AGGREGATE SALE	B Y M A R K E T	(% )	S (Q3 FY23)
Intl Aftermarket and OEM, 26		India OEM & OES, 65

CONSOLIDATED STATEMENT OF PROFIT AND LOSS

RANE HOLDINGS LIMITED						Q3FY23 Earnings Release
CONSOLIDATED STATEMENT OF PROFIT AND LOSS
Particulars	Q3FY23	Q2FY23	QoQ%	Q3FY22	YoY%	9MFY23	9MFY22	YoY%
Revenue from Operations	874.3	879.3	-0.6%	681.4	28.3%	2,570.7	1,893.9	35.7%
Other Income	31.7	4.5	604.9%	21.8	45.3%	18.6	32.4	-42.6%
Total Revenue Expenses	905.9	883.8	2.5%	703.2	28.8%	2,589.3	1,926.3	34.4%
-Cost of Material Consumed	522.1	532.4	-1.9%	400.0	30.5%	1,533.7	1,116.4	37%
-Purchase of stock-in-trade	2.3	2.4	-6.6%	2.5	-10.2%	7.0	6.3	11.9%
-Changes in inventories	-23.8	-22.5	-6.2%	-18.3		-52.8	-66.5
-Employee Benefit Expense	137.1	131.1	4.6%	122.7	11.7%	396.9	358.2	10.8%
-Finance Cost -Depreciation & Amortization	13.7 35.6	10.6 32.9	29.2% 8.2%	9.6 32.2	42.8% 10.5%	32.8 101.8	26.0 95.4	25.9% 6.7%
-Other Expenditure	158.7	173.5	-8.5%	137.8	15.2%	470.2	382.9	22.8%
Total Expenses	845.8	860.5	-1.7%	686.5	23.2%	2,489.6	1,918.6	29.8%
PBT before share of profit / (loss) of JV & associates	60.1	23.3	158.3%	16.7	260.6%	99.7	7.7	1198.2%
and Exceptional Items
Share of Profit / (loss) of JV and Associate (includes share of exceptional items, net of taxes)	13.2	13.3		-3.4		41.9	16.0
PBT before Exceptional items	73.3	36.6	100.1%	13.2	453.5%	141.6	23.6	498.8%
Exceptional Item	-5.1	-1.2	-343%	5.2	-197%	-7.3	41.5	-117.5%
PBT	68.2	35.5	92.3%	18.5	269.2%	134.3	65.2	106.1%
Tax Expense PAT	16.8 51.5	12.2 23.3	37.9% 120.8%	7.9 10.6	111.8% 387.2%	39.0 95.4	17.4 47.8	124.4% 99.4%

ABOUT RANE HOLDINGS LIMITED

Rane Holdings Limited (RHL) is the holding company of Rane Group. RHL owns the trademark in Rane and provides a wide range of services to group Companies. These include employee training, development, investor services, business development and information system support.

ABOUT RANE GROUP

IF YOU HAV E ANY QUES TION S OR R EQ UIR E FUR THER INFORM ATION, PL EASE FEEL FR EE T O CONT ACT: IN VESTOR SER VICES @R AN EGR OUP.C OM OR DIWA KAR.PINGLE @IN.E Y.C OM Headquartered in Chennai, India, Rane Group is engaged primarily in manufacturing auto components for well over five decades. Rane Group is a preferred supplier to major OEMs in India and abroad. Through its group companies, it provides Steering and Suspension systems, Friction materials, Valve train components, Occupant safety systems, Light metal casting products and Connected mobility solutions. Its products serve a variety of industry segments including Passenger Vehicles, Commercial Vehicles, Farm Tractors, Two-wheelers, Three-wheelers, Railways and Stationary Engines. R A N E H O L D I N G S L I M I T E D | W W W . R A N E G R O U P . C O M | Q 3 F Y 2 0 2 3 E A R N I N G S R E L E A S E | P A G E 2 O F 2

Certain statements in this document that are not historical facts are forward looking statements. Such forward-looking statements are subject to certain risks and uncertainties like government actions, local, political or economic developments, technological risks, and many other factors that could cause actual results to differ materially from those contemplated by the relevant forward-looking statements. The Company will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.