The Hindu : Business : Rane Holdings pays 25 p.c.

Online edition of India's National Newspaper
Wednesday, Jun 08, 2005

Business

Business

Rane Holdings pays 25 p.c.

Corporate Reporter

CHENNAI: Rane Holdings Limited [formerly Rane (Madras) Ltd.] has reported net sales and income from operations of Rs. 57.59 crores and a net profit of Rs. 7.13 crores in the year ended March 31, 2005.

In the previous year ended March 31, 2004 these figures were Rs. 175.62 crores and Rs. 7.20 crores, respectively. The directors have recommended a dividend of 25 per cent (Rs. 2.50 per share of Rs. 10 each).

According to a company release these figures were not comparable and the manufacturing undertaking of Rane Holdings [formerly, Rane (Madras)] was demerged into Rane (Madras) [formerly Rane (Madras) Manufacturing Ltd.] with effect from July 1, 2004.

The name of the company has been changed from Rane (Madras) to Rane Holdings with effect from May 18, 2005.

The results for the current year include manufacturing operations for three months up to the date of demerger and hence not comparable with previous year figures, the company said in a release.

Rane Madras

Net sales and income from operations of Rane Madras Limited [formerly Rane (Madras) Manufacturing Ltd.] stood at Rs. 198.48 crores in the year ended March 31, 2005 and the net profit at Rs. 4.23 crores. This being the first year of operation of the company there are no corresponding figures for the previous year. In the nine months ended December 31, 2004, net sales and income from operations stood at Rs. 130.74 crores, while the net profit was Rs. 2.62 crores. The directors have recommended a dividend of Re. 1 per share.

The name of the company has been changed from Rane (Madras) Manufacturing Ltd. to Rane (Madras) Ltd. on May 19, 2005. Pursuant to a restructuring scheme, the manufacturing undertaking of Rane Holdings was demerged into Rane (Madras) with effect from July 1, 2004, and the shareholders of the demerged company were allotted 81.31 lakh equity shares of Rs. 10 each on May 18, 2005.

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