The company's Q4 FY23 EBITDA stood at Rs 64 crore, which represents a growth of 101.9% from last year's Rs 31.7 crore. The EBITDA margin for Q4 FY23 also saw an improvement, standing at 10.2%, up from 6.2% in Q4 FY22.

On a standalone basis, the company's total revenue for Q4 FY23 was Rs 567.1 crore, an increase of 24% from the previous year's Rs 457.3 crore. However, the company's net loss for Q4 FY23 stood at Rs 195.7 crore, which includes an impairment of Rs 223 crore, in contrast to the net profit of Rs 16.7 crore in Q4 FY22.

The company's EBITDA for Q4 FY23 stood at Rs 63.2 crore, a significant improvement from the Q4 FY22 EBITDA of Rs 47.7 crore, representing a growth of 32.4%. The EBITDA margin for Q4 FY23 also saw a slight improvement, standing at 11.1%, up from 10.4% in Q4 FY22.

An impairment of Rs 223 crore was recognized in the company's standalone results for the fiscal year 2022-23. This impairment was due to investments made in loans and guarantees given to subsidiary companies, which are evaluated periodically based on estimated sales volumes and cash flow projections of the subsidiary.

In Q4 FY23, the company's standalone operating highlights showed positive growth across various segments. Sales to Indian OE customers grew by 18%, supported by strong demand across vehicle segments. Export sales also grew significantly by 45%, driven by strong off-take for steering products. Sales to Indian Aftermarket customers also increased by 11%. The company's EBITDA margin showed an improvement of 71 bps, which was driven by better operational leverage, favourable mix, and forex. However, this improvement was partially offset by an increase in administration expenses.

According to L. Ganesh, chairman of Rane Group, the company posted strong revenue growth in Q4 FY23, supported by a robust demand environment in India and strong off-take from international customers. Despite a slowdown in major global economies, the growth momentum across vehicle segments in India remains strong. The company is navigating this macro environment cautiously by prioritizing operational improvement and cost reduction measures. However, the turnaround planned for the US subsidiary was setback due to poor off-take in the new business developed and even existing business. The board is closely monitoring the situation and will review the best decision regarding the future of this business, considering the long-term interests of the company.

Rane (Madras) has two divisions: the Steering and Linkages Division (SLD), which produces mechanical and hydrostatic steering systems, and the Light Metal Casting India Division (LMCI), which manufactures high-quality light metal casting components such as steering housings and engine case covers. The company also has an overseas subsidiary, Rane Light Metal Castings Inc. (RLMCA), which produces high pressure light metal casting components from its facility in Kentucky, USA.