Rane (Madras) Ltd. — Interim / Quarterly 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.

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 Revenue	412.9	293.6	40.6%
Crore	EBITDAMargin (%)	9.92.4%	10.93.7%	-8.7%-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
Particulars			Standalone						Consolidated
	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%
		Particulars	KE		Y BALANCE SHEET ITEMSAs at 31.03.2021	Standalone		ConsolidatedAs at 31.03.2021
		Non-current assets				530.1			550.1
		-Property, Plant and Equipment				305.2			401.2
		-Financial Assets				158.7			57.8
		Current assets				416.0			482.1
		- Inventories				132.5			159.2
		-Trade receivables				242.2			270.1
		-Cash and cash equivalents					6.5		7.1
		Total Assets				946.0		1,032.2
		Shareholders FundNon-current liabilities				308.3113.9			181.9229.7

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.