Rane (Madras) Ltd. — Annual Report 2021

May 21, 2021

Registered Office: Cathedral Road, URL:www.ranegroup.com Chennai - 600 086, India CIN: L65993TN2004PLC052856

______________________________________________

Rane (Madras) Limited __________________________________________

//Online Submission//

RML / SE/06/ 2021-22 May 21, 2021

BSE Limited	National Stock Exchange of India Ltd.
Listing Centre	NEAPS
Scrip Code: 532661	Symbol: RML

Dear Sir / Madam,

Sub: Outcome of Board Meeting held on May 21, 2021- under Regulation 30 of SEBI LODR

Ref: Our letter no. RML/SE/ 05 /2021-22 dated May 07, 2021

This is to inform that the Board of Directors have, inter alia, approved the audited financial results of the Company (standalone & consolidated for the year ended March 31, 2021) as recommended by the audit committee at their respective meeting(s) held today (May 21,

2021). The audited financial results (standalone & consolidated) of the Company is enclosed along both standalone & consolidated results issued by M/s. BSR & Co, LLP Chartered Accountants, Statutory Auditors. Further, declaration in respect of unmodified opinion on the audited financial results (standalone & consolidated) for the year ended March 31, 2021 is enclosed (Regulation 33).

The extract of the audited financial results (standalone & consolidated) will be published in newspapers, i.e., (Regulation 47). The standalone and consolidated financial results shall be available on the website of the company at www.ranegroup.com and stock exchanges at www.bseindia.com and www.nseindia.com (Regulation 46 & 47). is also enclosed (Regulation 30).

The meeting of the Board of Directors commenced at 11:30 hrs and concluded at 12 : 17 hrs (IST).

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 (Madras) Limited

S Subha Shree Secretary

Encl: a/a

• 1. Audited financial results (standalone & consolidated) for the quarter & year ended March 31, 2021.
• 1. Extract of the audited financial results (standalone & consolidated) for Newspaper publication.
• 1. on the audited financial results (standalone & consolidated) for the quarter& year ended March 31, 2021.
• 1. Declaration under Reg 33(3)(d) of SEBI LODR.
• 1. Earnings release for the year ended March 31, 2021.

RANE (MADRAS) LIMITEDCIN L65993TN2004PLC052856Regd. Office : " MAITHRI ", 132, Cathedral Road, Chennai - 600 086visit us at: www.ranegroup.comStatement of Standalone and Consolidated Annual Financial Results for the Quarter and Year Ended March 31, 2021(Rs. Lakhs)StandaloneConsolidatedQuarter endedYear endedQuarter endedYear Ended31.03.202131.12.202031.03.202031.03.202131.03.202031.03.202131.12.202031.03.202031.03.202131.03.2020ParticularsAuditedAuditedAuditedAuditedUnauditedAuditedAuditedUnauditedAuditedAudited(refer note 9)(refer note 9)(refer note 9)(refer note 9)1. Income(a) Revenue from operations37,835.1439,182.2624,920.181,14,714.701,10,052.7641,179.3342,722.8228,576.071,26,739.291,27,707.56389.961,870.65110.47798.35787.22687.201,444.41(b) Other income207.85702.571,024.1738,042.9939,884.8325,944.351,15,104.661,11,923.4141,289.8043,521.1729,363.291,27,426.491,29,151.97Total Income2. Expenses(a) Cost of materials consumed25,504.3924,947.8116,433.9272,847.5068,303.9326,878.5426,168.2717,674.0077,058.2574,423.07(b) Changes in inventories of finished goods and(1,248.68)19.19(810.26)423.551,416.19(1,245.11)(43.25)(770.42)242.101,129.36work-in-progress(c) Employee benefits expense3,622.353,911.193,325.7313,399.2814,193.675,551.946,271.005,533.8621,953.0723,388.37(d) Finance costs304.94572.96718.662,345.853,194.79405.71667.57894.632,703.823,728.22(e) Depreciation and amortisation expense1,417.131,330.761,382.375,230.295,242.491,798.781,685.811,758.456,611.736,588.30(f) Other expenses7,600.335,926.784,578.0619,111.6018,159.509,111.917,192.705,839.0224,404.6024,151.0137,200.4636,708.6925,628.481,13,358.071,10,510.5742,501.7741,942.1030,929.541,32,973.571,33,408.33Total expenses842.533,176.14315.871,746.591,412.84(1,211.97)1,579.07(1,566.25)(5,547.08)(4,256.36)3. Profit / (Loss) before exceptional items (1-2)4. Exceptional Items (Refer note 6)(6,250.05)-(3,757.54)(6,250.05)(3,757.54)--(196.40)-(196.40)(5,407.52)3,176.14(3,441.67)(4,503.46)(2,344.70)(1,211.97)1,579.07(1,762.65)(5,547.08)(4,452.76)5. Profit / (Loss) before tax (3 ± 4)6. Tax expense(55.94)715.76369.03464.201,456.47(55.74)717.16369.07Current tax462.801,456.47Deferred tax(205.80)(426.89)24.17(150.56)(270.70)(205.80)(426.89)24.17(150.56)(270.70)257.001,029.58(31.77)565.2098.33258.401,029.58(31.57)566.6098.37Total tax expenses7. Profit / (loss) for the period/ year (5-6)(5,664.52)2,146.56(3,409.90)(5,068.66)(2,443.03)(1,470.37)549.49(1,731.08)(6,113.68)(4,551.13)8. Other comprehensive income36.0147.13(365.36)303.17(441.08)1,616.96(667.37)(1,443.88)416.76(1,931.84)A. (i) Items that will not be reclassified to profit or loss62.4834.57(130.50)32.25(249.08)587.9534.57(698.30)557.72(816.88)(ii) Income tax relating to items that will not be reclassified(18.43)(10.26)45.60(8.12)87.04(18.43)(10.26)45.60(8.12)87.04to profit or loss(431.11)428.93(428.93)1,048.84(666.13)(941.83)17.05(1,351.89)B. (i) Items that will be reclassified to profit or loss(6.64)48.37(ii) Income tax relating to items that will be reclassified to(1.40)(25.55)150.65(149.89)149.89(1.40)(25.55)150.65(149.89)149.89profit or loss9. Total comprehensive income for the period/ year(7+8)(5,628.51)2,193.69(3,775.26)(4,765.49)(2,884.11)146.59(117.88)(3,174.96)(5,696.92)(6,482.97)10. Details of equity share capitalPaid-up equity share capital1,456.531,255.391,255.391,255.391,456.531,255.391,456.531,255.391,255.391,456.53(Face Value of Rs.10 /- per share )29,372.3228,837.9316,733.4217,131.4911. Other equity12. Earnings per share (EPS) (of Rs.10/- each)(Amount in Rs.) (Not annualised for the quarter)(a) Basic(38.89)17.10(28.30)(34.80)(20.37)(10.10)4.38(14.37)(41.97)(37.95)(b) Diluted(38.89)17.10(24.86)(34.80)(20.37)(10.10)4.38(12.62)(41.97)(37.95)

			RANE (MADRAS) LIMITEDCIN L65993TN2004PLC052856
			Regd. Office : " MAITHRI ", 132, Cathedral Road, Chennai - 600 086visit us at: www.ranegroup.comStatement of Standalone and Consolidated Annual Financial Results for the Quarter and Year Ended March 31, 2021
Notes:-1. Balance Sheet as on
Particulars	StandaloneAs at 31.03.2021	As at 31.03.2020	ConsolidatedAs at 31.03.2021	Rs. LakhsAs at 31.03.2020
ASSETSNon-Current Assets	Audited	Audited	Audited	Audited
(a) Property, plant and equipment(b) Capital work-in-progress(c) Right of use asset	30,522.081,527.17661.72	32,557.141,014.78368.49	40,119.353,113.69925.38	37,287.054,982.70454.09
(d) Goodwill(e) Other intangible assets(f) Financial assets	406.4328.32	406.4358.72	406.4328.49	406.4358.72
(i) Investments(ii) Loans(iii) Other financial assets(g) Income tax asset (Net)	10,744.66-5,128.831,662.21	8,025.893,382.144,990.051,446.00	58.30-5,723.671,661.00	60.00-4,945.651,446.00
(h) Other non-current assetsTotal non-current assetsCurrent assets	2,325.3853,006.80	752.8753,002.51	2,972.8555,009.16	3,285.5252,926.16
(a) Inventories(b) Financial assets(i) Trade receivables	13,247.9724,221.87	13,343.6416,290.62	15,916.3827,009.35	15,683.8319,079.60
	652.4614.5822.31	1,652.4117.5423.15	712.5114.5834.49	1,835.1617.5433.24
(ii) Cash and cash equivalents(iii) Bank balances other than (ii) above(iv) Loans	697.28	568.581,709.2933,605.23	697.283,821.2848,205.87	568.582,037.7939,255.74
(v) Other financial assets(c) Other current assetsTotal current assets	2,739.5741,596.04
TOTAL ASSETS	94,602.84	86,607.74	1,03,215.03	92,181.90
EQUITY AND LIABILITIESEquity(a) Equity share capital	1,456.53	1,255.39	1,456.53	1,255.39
(b) Other equityTotal equityLiabilities	29,372.3230,828.85	28,837.9330,093.32	16,733.4218,189.95	17,131.4918,386.88
(1) Non-current liabilities(a) Financial liabilities(i) Borrowings	8,925.69	13,981.73	18,935.49	19,990.65
(ii) Other financial liabilities(b) Provisions(c) Deferred tax liabilities (net)	604.28589.45176.70	318.74609.16169.25	797.581,958.34176.70	361.132,732.52169.25
(d) Other non-current liabilitiesTotal non-current liabilities(2) Current liabilities(a) Financial liabilities	1,098.4411,394.56	462.7215,541.60	1,098.4422,966.55	462.7223,716.27
(i) Borrowings(ii) Trade payablesTotal outstanding dues of micro enterprises and	17,260.76	15,895.05	17,260.76	19,665.55
small enterprisesTotal outstanding dues of creditors other thanmicro enterprises and small enterprises	480.9525,789.80	902.7414,535.42	480.9528,913.68	902.7418,042.01
(iii) Other financial liabilities(b) Other current liabilities(c) Provisions	6,980.52811.611,055.78	7,481.52471.711,686.38	12,721.491,625.851,055.78	9,052.72729.341,686.38
Total current liabilitiesTotal liabilities	52,379.4263,773.98	40,972.8256,514.42	62,058.5185,025.06	50,078.7473,795.01

RANE (MADRAS) LIMITED

Regd. Office : " MAITHRI ", 132, Cathedral Road, Chennai - 600 086	RANE (MADRAS) LIMITEDCIN L65993TN2004PLC052856
Statement of Audited Standalone and Consolidated Financial Results for the Quarter ended and Year Ended March 31, 2021	visit us at: www.ranegroup.com
2. Cash flow statement for the year ended				Rs. Lakhs
Particulars	StandaloneAudited	Audited	ConsolidatedAudited	Audited
	Year ended 31.03.2021	Year ended 31.03.2020	Year ended 31.03.2021	Year ended 31.03.2020
A. Cash flow from operating activitiesProfit for the year	(5,068.66)	(2,443.03)	(6,113.68)	(4,551.13)
Adjustments for :Income tax expense recognised in profit and loss	565.20	98.33	566.60	98.37
Finance costs recognised in profit and lossInterest income recognised in profit and loss	2,345.85(147.68)	3,194.79(223.40)	2,703.82(37.88)	3,728.22(43.85)
Net loss/(gain )on disposal of property, plant and equipment	(11.29)	(14.86)	(11.04)	(5.52)
Government grant incomeIncome relating to financial guarantees	(167.90)(21.73)	(154.41)(36.50)	(167.90)-	(154.41)-
Unrealised exchange loss/(gain)Impairment loss on financial assets	(13.92)154.17	(807.72)(361.10)	(1,082.05)348.30	(1,495.08)(281.72)
Impairment of investmentsDepreciation and amortisation	6,250.055,230.29	3,757.545,242.49	-6,611.73	196.406,588.30
	9,114.38	8,252.13	2,817.90	4,079.58
Movements in working capital :(Increase) / decrease in trade receivables	(8,048.43)	6,131.50	(8,207.11)	5,961.41
(Increase) / decrease in inventories(Increase) / decrease in other non current financial assets	95.67(597.83)	2,127.74(980.61)	(271.71)(597.20)	1,495.54(1,216.04)
(Increase) / decrease in other current financial assets(Increase) / decrease in other current / non current assets	(71.86)(1,645.92)	343.17907.82	(71.86)(160.41)	343.17184.54
(Increase) / decrease in loansIncrease / (decrease) in trade payables	0.8410,839.90	1.00(3,644.16)	0.849,914.38	(7.90)(2,651.27)
Increase / (decrease) in long term provisions	(19.70)	(11.50)	(200.77)	(11.50)
Increase / (decrease) in short term provisionsIncrease / (decrease) in other current / non current financial	(598.35)	(165.50)	(598.35)	(165.50)
liabilitiesIncrease / (decrease) in other non current liabilities	1,446.17793.15	(548.82)-	1,576.15793.15	(336.37)583.76
Increase / (decrease) in other current liabilitiesCash generated from operations	343.7211,651.74	47.8512,460.62	528.775,523.78	(524.27)7,735.15
Income tax paidNet cash (used in) / generated by operating activities	(931.54)10,720.20	(819.90)11,640.72	(932.36)4,591.42	(819.94)6,915.21
B. Cash flow from investing activitiesInterest received	595.05	(9.15)	34.06	33.70
Investments in NCRPS of subsidiariesProceeds from repayment of loans given	(8,924.81)3,382.00	(9,776.44)	-	-
Payments for property, plant and equipmentProceeds from disposal of property, plant and equipment	(4,622.00)17.75	(3,770.26)105.63	(8,058.51)24.80	(10,447.44)160.08
Bank balances not considered as cash and cash equivalentsNet cash (used in) / generated by investing activities	2.97(9,549.04)	0.79(13,449.43)	2.97(7,996.68)	0.79(10,252.87)
C. Cash flow from financing activities
Proceeds from issue of equity shares	201.14	58.07	201.14	58.07
Proceeds from share premium on equity sharesMoney received against share warrant	5,132.19166.67	1,608.59833.33	5,132.19166.67	1,608.59833.33
Proceeds from long term borrowingsRepayment of long term borrowings	2,364.00(8,913.19)	10,636.00(5,660.26)	8,050.22(10,192.59)	15,065.00(7,093.76)
Proceeds from short term borrowingsRepayment of short term borrowings	28,631.00(27,474.00)	-(1,250.05)	28,631.00(27,474.00)	(2,668.05)-
Dividend paid	-	(538.79)	-	(538.79)
Tax on dividendPayment of lease liabilities	-(108.85)	(110.75)-	-(188.97)	(110.75)-
Interest paidNet cash (used in)/ generated by financing activities	(2,344.71)(2,345.75)	(3,181.90)2,394.24	(2,220.47)2,105.19	(3,775.84)3,377.80
Net increase / (decrease) in cash and cash equivalents	(1,174.59)	585.53	(1,300.07)	40.14
Cash and cash equivalents at the beginning of the yearCash and Cash equivalents at the end of the period/year	1,646.83472.24	1,061.301,646.83	1,829.58529.51	1,789.441,829.58
	652.46	1,652.41	712.51	1,835.16
	-	-	-	-
Reconciliation of cash and cash equivalents to Balance sheet	Year ended 31.03.2021	Year ended 31.03.2020	Year ended 31.03.2021	Year ended 31.03.2020
ParticularsCash and cash equivalents as per Balance sheet	652.46	1,652.41	712.51	1,835.16
Effects of exchange rate changes on the balance of cash and	-	(5.58)	(2.78)	(5.58)
cash equivalents held in foreign currenciesBank overdraft availed for cash management purposes	(180.22)	-	(180.22)	-
Cash and cash equivalents as above	472.24	1,646.83	529.51	1,829.58

RANE (MADRAS) LIMITED CIN L65993TN2004PLC052856 Regd. Office : " MAITHRI ", 132, Cathedral Road, Chennai - 600 086 visit us at: www.ranegroup.com

(Rs. Lakhs)

Notes:-

3

4 5

Statement of Standalone and Consolidated Annual Financial Results for the Quarter and Year Ended March 31, 2021

6

7 plants and offices had to be closed down / operate under restrictions for a period of time during the year. These measures have an impact on matters relating to commodity prices, supply chain matters, customer demand, personnel available for work and for being available 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. Rane (Madras) Limited ('the Company') and its subsidiaries (collectively referred to as 'the Group') are engaged in the manufacture of components for Transportation industry, which in the context of Indian Accounting Standard (Ind AS) 108 Operating Segments, is considered as the only operating segment of the Group. During the year ended March 31, 2021, the Company / Group had assessed the carrying value of its investment in a subsidiary and considered the fair value changes thereto resulting in an carrying value impairment aggregating to Rs. 6,250.05 Lakhs being shown as an exceptional item for the quarter and year ended March 31, 2021. In order to carry out the above assessment, projections of future cash flows of the operating step-down subsidiary based on the most recent long-term forecasts, including selling price as well as volumes are estimated over the next five years. The estimation of sales volumes is based on management's assessment of probability of securing the new businesses in the future, adverse business impact and uncertainties arising due to COVID-19 pandemic to the extent known. The During the quarter ended March 31, 2021, the Company has received Rs. 25 crores from Rane Holdings Limited as warrant exercise price towards conversion of the outstanding 11,61,440 warrants issued on preferential basis and has allotted equivalent equity shares of Rs. 10 each fully paid up on January 07, 2021. Consequently, the issued and paid up capital stands increased by 11,61,440 equity shares of Rs.10/- each fully paid-up. The Company also received Rs. 15 crores from Rane Holdings Limited as warrant subscription price for 25,49,936 warrants convertible into equity shares of Rs. 10/- each that were issued and allotted on preferential basis on January 29, 2021. Of the 25,49,936 warrants, 8,49,978 warrants were converted and on conversion the Company received Rs. 15 crores from Rane Holdings Limited as warrant exercise price towards such conversion and has allotted equivalent equity shares of Rs. 10/- each fully paid. The standalone and consolidated annual financial results have been audited by the statutory auditors of the company. The financial results of one of the subsidiaries are audited by the respective statutory auditor. The standalone and consolidated annual financial results of The figures for the quarter ended March 31, 2021 and March 31, 2020 as reported in these financial results are the balancing figures between audited figures in respect of the full financial year and the published unaudited year to date figures up to the end of the third quarter of the relevant financial year. The above financial results have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on May 21, 2021.

8 the Group for the quarter and year ended March 31, 2020 were audited by the previous auditors of the Company.

9 10

11

12 13 May 21, 2021 Chairman COVID-19 pandemic has rapidly spread throughout the world, including India. Governments have taken significant measures to curb the spread of the virus including imposing mandatory lockdowns and restrictions on activities. Consequently, the manufacturing to access offices etc. The Group has considered the possible effects that may result from the continued effect of the pandemic on the carrying amounts of assets (net of impairment losses), capital and financial resources, profitability, liquidity position, internal financial controls etc. In developing the assumptions relating to the possible future uncertainties, the 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 Group will continue to closely monitor any material changes to future economic conditions. The Company elected to exercise the option of reduced income-tax rates permitted under section 115BBA of Income-tax Act 1961, as introduced by the Taxation Laws (Amendment) Ordinance, 2019. Accordingly, provision for income tax for the year ended March 31, 2021 has been recognized and deferred tax assets are re-measured, basis the rate prescribed in the said section. The full impact of this change has been recognized in the statement of profit and loss for the quarter and year ended March 31, 2021 The Company's operations for the quarter ended June 30, 2020 were suspended for part of the quarter on account of the lockdown announced by the Government of India consequent to the outbreak of COVID-19 pandemic. The results for the year ended March 31, 2021 are, therefore, not comparable with the year ended March 31, 2020. The Standalone and Consolidated financial results for the quarter and year ended March 31, 2021 are being published in the newspaper as per the format prescribed under Regulation 33 of SEBI (Listing Obligations and Disclosure requirements) Regulations, 2015. The Standalone and Consolidated financial results are also available on the Stock Exchange websites of BSE (www.bseindia.com) and NSE (www.nseindia.com) and on the Company's website viz., www.ranegroup.com.

For Rane (Madras) Limited

Chennai L Ganesh

RANE (MADRAS) LIMITEDRegd. Office : " MAITHRI ", 132, Cathedral Road, Chennai - 600 086visit us at: www.ranegroup.comCIN L65993TN2004PLC052856Extract of Standalone and Consolidated Annual Financial Results for the Quarter Ended and Year ended March 31, 2021(Rs. in Lakhs except per share data)StandaloneConsolidatedYear EndedYear EndedQuarter endedQuarter endedAuditedAuditedAuditedAuditedAuditedAuditedAuditedAuditedS.NoParticulars(refer note 5)(refer note 5)(refer note 5)(refer note 5)31.03.202131.03.202031.03.202131.03.202031.03.202131.03.202031.03.202131.03.20201Total Income from Operations37,835.1424,920.181,14,714.701,05,056.7441,179.3328,576.071,26,739.291,19,055.652Net Profit / (Loss) for the period (before Tax, Exceptional items)842.53315.871,746.591,121.87(1,211.97)(1,566.25)(5,547.08)(2,665.22)3Net Profit / (Loss) for the period before tax (after Exceptional items)(5,407.52)(3,441.67)(4,503.46)1,121.87(1,211.97)(1,762.65)(5,547.08)(2,665.22)4Net Profit / (Loss) for the period after tax (after Exceptional items)(5,664.52)(3,409.90)(5,068.66)988.82(1,470.37)(1,731.08)(6,113.68)(2,798.12)Total Comprehensive Income for the period [Comprising Profit / (Loss)5(5,628.51)(3,775.26)(4,765.49)893.56146.59(3,174.96)(5,696.92)(3,302.78)for the period (after tax) and Other Comprehensive Income (after tax)]6Equity Share Capital1,456.531,255.391,456.531,197.321,456.531,255.391,456.531,197.327Reserves as shown in the Audited Balance Sheet of the previous year29,372.3228,837.9316,733.4217,131.498Earnings Per Share (of Rs. 10/- each) - (Not annualised for the quarter)1. Basic:(38.89)(28.30)(34.80)8.26(10.10)(14.37)(41.97)(23.37)2. Diluted:(38.89)(24.86)(34.80)8.20(10.10)(12.62)(41.97)(23.20)TheaboveisanextractofthedetailedformatofQuarterlyStandaloneandConsolidatedFinancialResultsfiledwiththeStockExchangesunderRegulation33oftheSEBI(ListingandDisclosureRequirements)Regulations,2015.The full format of the Standalone and Consolidated audited Financial Results are available on the Stock Exchange websites: www.bseindia.com and www.nseindia.com and on the company's website-www.ranegroup.comNote:1The above financial results have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on May 21, 2021.2DuringtheyearendedMarch31,2021,theCompany/GrouphadassessedthecarryingvalueofitsinvestmentinasubsidiaryandconsideredthefairvaluechangestheretoresultinginancarryingvalueimpairmentaggregatingtoRs.6,250.05LakhsbeingshownasanexceptionalitemforthequarterandyearendedMarch31,2021.Inordertocarryouttheaboveassessment,projectionsoffuturecashflowsoftheoperatingstep-downsubsidiarybasedonthemostrecentlong-termforecasts,includingsellingpriceaswellasvolumesareestimatedoverthenextfiveyears.Theestimationofsalesvolumesisbasedonmanagement'sassessmentofprobabilityofsecuringthenewbusinessesinthefuture,adversebusinessimpactanduncertaintiesarisingduetoCOVID-19pandemictotheextentknown.TheimpactofCOVID-19onthefinancialresultsmaydifferfromthatestimatedasatthedateof approval of these financial results depending on the circumstances that may evolve in the future.3DuringthequarterendedMarch31,2021,theCompanyhasreceivedRs.25croresfromRaneHoldingsLimitedaswarrantexercisepricetowardsconversionoftheoutstanding11,61,440warrantsissuedonpreferentialbasisandhas allotted equivalent equity shares of Rs. 10 each fully paid up on January 07, 2021. Consequently, the issued and paid up capital stands increased by 11,61,440 equity shares of Rs.10/- each fully paid-up.TheCompanyalsoreceivedRs.15croresfromRaneHoldingsLimitedaswarrantsubscriptionpricefor25,49,936warrantsconvertibleintoequitysharesofRs.10/-eachthatwereissuedandallottedonpreferentialbasisonJanuary29,2021.Ofthe25,49,936warrants,8,49,978warrantswereconvertedandonconversiontheCompanyreceivedRs.15croresfromRaneHoldingsLimitedaswarrantexercisepricetowardssuchconversionandhasallotted equivalent equity shares of Rs. 10/- each fully paid.4Thestandaloneandconsolidatedannualfinancialresultshavebeenauditedbythestatutoryauditorsofthecompany.Thefinancialresultsofoneofthesubsidiariesareauditedbytherespectivestatutoryauditor.Thestandaloneand consolidated annual financial results of the Group for the quarter and year ended March 31, 2020 were audited by the previous auditors of the Company.5ThefiguresforthequarterendedMarch31,2021andMarch31,2020asreportedinthesefinancialresultsarethebalancingfiguresbetweenauditedfiguresinrespectofthefullfinancialyearandthepublishedunauditedyeartodate figures up to the end of the third quarter of the relevant financial year.6COVID-19pandemichasrapidlyspreadthroughouttheworld,includingIndia.Governmentshavetakensignificantmeasurestocurbthespreadofthevirusincludingimposingmandatorylockdownsandrestrictionsonactivities.Consequently,themanufacturingplantsandofficeshadtobecloseddown/operateunderrestrictionsforaperiodoftimeduringtheyear.Thesemeasureshaveanimpactonmattersrelatingtocommodityprices,supplychain matters, customer demand, personnel available for work and for being available to access offices etc.TheGrouphasconsideredthepossibleeffectsthatmayresultfromthecontinuedeffectofthepandemiconthecarryingamountsofassets(netofimpairmentlosses),capitalandfinancialresources,profitability,liquidityposition,internalfinancialcontrolsetc.Indevelopingtheassumptionsrelatingtothepossiblefutureuncertainties,theGroup,asatthedateofapprovalofthesefinancialresultshasusedinternalandexternalsourcesofinformationandbasedoncurrentestimatesexpectsthatthecarryingamountoftheseassetswillberecovered.TheimpactofCOVID-19onthefinancialresultsmaydifferfromthatestimatedasatthedateofapprovalofthesefinancialresults depending on the circumstances that may evolve in the future. The Group will continue to closely monitor any material changes to future economic conditions.7TheCompanyelectedtoexercisetheoptionofreducedincome-taxratespermittedundersection115BBAofIncome-taxAct1961,asintroducedbytheTaxationLaws(Amendment)Ordinance,2019.Accordingly,provisionforincometaxfortheyearendedMarch31,2021hasbeenrecognizedanddeferredtaxassetsarere-measured,basistherateprescribedinthesaidsection.Thefullimpactofthischangehasbeenrecognizedinthestatementofprofit and loss for the quarter and year ended March 31, 20218TheCompany'soperationsforthequarterendedJune30,2020weresuspendedforpartofthequarteronaccountofthelockdownannouncedbytheGovernmentofIndiaconsequenttotheoutbreakofCOVID-19pandemic.The
results for the year ended March 31, 2021 are, therefore, not comparable with the year ended March 31, 2020.
					For Rane (Madras) Limited

BSE Limited	National Stock Exchange of India Limited
Listing Centre	NEAPS
Scrip Code: 532661	Scrip Code: RML

Q4 FY21 Earnings Release

Chennai, India, May 21, 2021 – Rane (Madras) Limited (NSE: RML; BSE Code:532661), a leading manufacturer of steering and suspension products and light metal casting components today announced its standalone and consolidated financial performance for the fourth quarter (Q4 FY21) and full year (FY21) ended March 31st, 2021.

Standalone Q4 FY21 Performance

• the Q4 FY20, an increase of 46.6%
• increase of 6.1%
• EBITDA Margin at 6.7% for Q4 FY21 against 9.3% in Q4 FY20
• in Q4 FY20
• Net Loss stated above includes an impairment provision towards investment 37.6 Crore in Q4 FY20.

Consolidated Q4 FY21 Performance

• Crore in the Q4 FY20, an increase of 40.6%
• , a decrease of 8.7%
• EBITDA Margin at 2.4% for Q4 FY21 against 3.7% in Q4 FY20
• in Q4 FY20

Operating Highlights for Q4 FY21 – Standalone

• Sales to Indian OE customers grew by 56%. Experienced strong demand across vehicle segments
• Sales to International customers increased by 74% due to commencement of supplies to new customer program for Steering products
• Sales to Indian Aftermarket customers grew by 30%
• EBITDA margin declined by 257 bps due to increase in material cost. This was partially mitigated by lower employee cost and fixed cost savings

Operating Highlights for Q4 FY21 – Consolidated

• The US subsidiary registered 7% drop in sales
• Despite operational improvements, the drop in volumes resulted in higher loss Impairment
• The investments made in/loans and guarantees given to the subsidiary companies is evaluated for impairment every year based on the estimated sales volumes and cash flow projections of the subsidiary. The estimation of sales volume is based on management assessment of securing new businesses and also considers the economic impact of Covid-19. Based on recognized during the fiscal year 2020-21 in Standalone results.

MANAGEMENT COMMENT

"RML posted robust sales growth in Q4 FY21 on the back of favourable demand environment across market segments. The intensity of second wave and resultant lockdown is likely to impact the growth in Q1 FY22. We continue to prioritise safety of our employees and focus on cost management to navigate the challenging times." – L. Ganesh, Chairman, Rane Group

BUSINESS HIGHLIGHTS

		BUSINESS HIGHLIGHTS
		Financial Performance
	Standalone	Q4 FY 21	Q4 FY 20	YOY%
	Total Revenue	380.4	259.4	46.6%
	EBITDA	25.6	24.2	6.1%
Crore in	Margin (%)	6.7%	9.3%	-257 bps
	PAT	-56.6	-34.1	-66.1%
	Consolidated	Q4 FY 21	Q4 FY 20	YOY%
	Total RevenueEBITDA	412.99.9	293.610.9	40.6%-8.7%
Crore	Margin (%)	2.4%	3.7%	-130 bps
	PAT	-14.7	-17.3	15.1%
37.6 Crore in
Crore in
, a
		BUSINESS SPLIT (Q4	FY21)
		(STANDALO	NE)
		BYMARKET (%	)

Crore in
Crore
Crore in, a
		BUSINESS SPLIT (Q4	FY21)
		(STANDALO	NE)
		BYMARKET (%	)
	Intl OEM, 23		IndiaOEM&OES,61

RANE (MADRAS) LIMITED Q4 FY21 Earnings Release

RANE (MADRAS) LIMITED											Q4 FY21 Earnings Release
					PROFIT AND LOSS ACCOUNT
			Standalone						Consolidated
Particulars	Q4 FY21	Q4 FY20	YoY%	FY21	FY20	YoY%	Q4 FY21	Q4 FY20	YoY%	FY21	FY20	YoY%
Revenue from Operations	378.4	249.2	52%	1,147.1	1,100.5	4%	411.8	285.8	44%	1,267.4	1,277.1	-1%
Other Income	2.1	10.2	-80%	3.9	18.7	-79%	1.1	7.9	-86%	6.9	14.4	-52%
Total Revenue	380.4	259.4	47%	1,151.0	1,119.2	3%	412.9	293.6	41%	1,274.3	1,291.5	-1%
Expenses
-Cost of Material Consumed	255.0	164.3	55%	728.5	683.0	7%	268.8	176.7	52%	770.6	744.2	4%
-Changes in inventories	-12.5	-8.1	-54%	4.2	14.2	-70%	-12.5	-7.7	-62%	2.4	11.3	-79%
-Employee Benefit Expense	36.2	33.3	9%	134.0	141.9	-6%	55.5	55.3	0%	219.5	233.9	-6%
-Finance Cost	3.0	7.2	-58%	23.5	31.9	-27%	4.1	8.9	-55%	27.0	37.3	-27%
-Depreciation & Amortization	14.2	13.8	3%	52.3	52.4	0%	18.0	17.6	2%	66.1	65.9	0%
-Other Expenditure	76.0	45.8	66%	191.1	181.6	5%	91.1	58.4	56%	244.0	241.5	1%
Total Expenses	372.0	256.3	45%	1,133.6	1,105.1	3%	425.0	309.3	37%	1,329.7	1,334.1	0%
PBT before Exceptional Items	8.4	3.2	167%	17.5	14.1	24%	-12.1	-15.7	23%	-55.5	-42.6	-30%
Exceptional Item	-62.5	-37.6		-62.5	-37.6		-	-2.0		-	-2.0
PBT	-54.1	-34.4	-57%	-45.0	-23.4	-92%	-12.1	-17.6	31%	-55.5	-44.5	-25%
Tax Expense	2.6	-0.3		5.7	1.0		2.6	-0.3		5.7	1.0
PAT	-56.6	-34.1	-66%	-50.7	-24.4	-107%	-14.7	-17.3	15%	-61.1	-45.5	-34%
		ParticularsNon-current assets-Property, Plant and Equipment-Financial AssetsCurrent assets- Inventories-Trade receivables	KE		Y BALANCE SHEET ITEMSAs at 31.03.2021	Standalone530.1305.2158.7416.0132.5242.2		ConsolidatedAs at 31.03.2021	550.1401.257.8482.1159.2270.1
		-Cash and cash equivalents					6.5		7.1
		Total Assets				946.0		1,032.2
		Shareholders Fund				308.3			181.9
		Non-current liabilities				113.9			229.7
		-Long-term borrowings				89.3			189.4

PROFIT AND LOSS ACCOUNT

Particulars-Financial Assets158.757.8Current assets416.0482.1- Inventories132.5159.2-Trade receivables242.2270.1-Cash and cash equivalents6.57.1Total Assets946.01,032.2Shareholders Fund308.3181.9Non-current liabilities113.9229.7-Long-term borrowings89.3189.4Current liabilities523.8620.6-Short-term borrowings172.6172.6-Trade payables262.7293.9Total Liabilities637.7850.3Total Equity and Liabilities946.01,032.2ABOUT RANE GROUPHeadquartered in Chennai, India, Rane Group is engaged primarily inmanufacturing auto components for well over five decades. Rane Groupis a preferred supplier to major OEMs in India and abroad. Through itsgroup companies, it provides Steering and Suspension systems, Frictionmaterials, Valve train components, Occupant safety systems, Light Metalcasting components and Connected mobility solutions. Its products servea variety of industry segments including Passenger Vehicles, CommercialVehicles, Farm Tractors, Two-wheelers, Three-wheelers, Railways andStationery Engines.
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

ABOUT RANE (MADRAS) LIMITED

ABOUT RANE GROUP

R A N E ( M A D R A S ) L I M I T E D | W W W . R A N E G R O U P . C O M | Q 4 F Y 2 0 2 1 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 PL EAS E FEEL F REE TO CONT ACT: INVEST ORS ER VICE S@R AN EGROUP.COM O R D PI NGL E@CHR ISTENSE NIR.COM Established in 1960, Rane (Madras) Limited (RML) is part of the Rane Group of Companies, a leading auto component group based out of Chennai. RML has two divisions namely Steering and Linkages Division (SLD) and Light Metal Casting India Division (LMCI). SLD manufactures mechanical steering gears, hydrostatic steering systems and steering and suspension linkage products. LMCI manufactures low porosity, high-quality light metal casting such as steering housings and engine case covers. Through its overseas subsidiary Rane Light Metal Castings Inc. (RLMCA), RML manufactures high pressure light metal casting components from its facility in Kentucky, USA.

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.