Rane (Madras) Limited has informed the Exchange regarding Investor Presentation on Tuesday, February 11, 2020 at 14:00 hrs (IST) to discuss un-audited financial results for the quarter ended December ...
Rane (Madras) Limited
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RML / SE / 51 t2019-20
BSE Limited Listing Centre Scrip Code : 532661
Dear Sir / Madam,
//Online Submission//
February 10,2020
National Stock Exchange of lndia Ltd. NEAPS
:RML
Sub: Earnings presentat¡on - Un-Audited Financial Results for the quarter ended December
31,2019
Ref: Our letter no. RML/SE15812019-20 dated February 05,2020
This is with reference to our aforementioned letter intimating Earnings Conference Call scheduled on Tuesday, February 11,2020 at 14:00 hrs (lST) to discuss un-audited financial results forthe quarter ended December 31, 2019. We enclose herewith copy of the Earnings presentation proposed to be made thereat, to the analysts and investors.
The same is also being made available on the website of the company, www.ranegroup.com.
We request you to take the above on record and note the compliance with 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
Rane Group
E a r n i n g s P r e s e n t a t i o n | Q 3 F Y 2 0
F e b r u a r y 2 0 2 0
w w w . r a n e g r o u p . c o m
Not to be copied or distributed without permission of Rane Holdings Limited
1
Outline
› Industry Performance Review – Q3 FY20
› Rane Group Performance Review – Q3 FY20
› Group Companies Performance Highlights – Q3 FY20
Not to be copied or distributed without permission of Rane Holdings Limited
2
Industry Performance Review (Q3 FY20)
Vehicle Segment
Passenger Cars (PC)
Utility Vehicles (MUV)
Vans - Total Passenger Vehicle Small Commercial Vehicles (SCV) Light Commercial Vehicles (LCV) Medium & Heavy Commercial Vehicles (M&HCV) - Total Commercial Vehicle 2-Wheeler Farm Tractors (FT)
Production YoY Growth# in % -18% 28%
-54% -8%
-4% -12%
-55%
-28% -13% -21%
Rane Group Sales Growth YoY in % (India OEM) -9%
-11%
-30% -10% -10% -5%
-65%
-44% -9% -36%
Rane Group Revenue Split * (India OEM)
46%
20%
1% 67% 3% 9%
9%
21% 4% 6%
* Negligible presence in 3-wheeler. Other segments such as Rail, Defence and Stationary Engines contribute around 2%
# Source: SIAM
› In Passenger Car segment, better offtake in served models and entry to new models helped post lower decline than industry;
however, in Utility Vehicle segment, better growth in unserved models resulted in higher decline than industry
› In M&HCV segment, volumes of higher tonnage vehicles declined more than other categories. This resulted in lower pack values and
hence higher revenue decline; In LCV segment, share improvements resulted in lower drop than industry
› Drop in 2-Wheeler segment partially mitigated by new business for Friction materials › Drop in Farm Tractor segment higher than industry driven by decline in served customers/models
Not to be copied or distributed without permission of Rane Holdings Limited
3
Outline
› Industry Performance Review – Q3 FY20
› Rane Group Performance Review – Q3 FY20
› Group Companies Performance Highlights – Q3 FY20
Not to be copied or distributed without permission of Rane Holdings Limited
4
Group Aggregate Performance Review (Q3 FY20)
Total Net Revenue (Rs cr.)
EBITDA (Rs cr.)
PBT* (Rs cr.)
1,311.4
1,088.1
17.0%
9.9%
130.0
8.2%
31.2%
89.4
4.9%
63.8
67.9%
1.9%
20.5
Q3 FY2019
Q3 FY2020
Q3 FY2019
Q3 FY2020
Q3 FY2019
Q3 FY2020
* PBT before exceptional items
› Total Net Revenue dropped by 17.0% from Rs. 1,311.4 Cr in Q3 FY19 to Rs. 1,088.1 Cr in Q3 FY20 – Revenue from Indian OE customers declined by 19%. Volume dropped across vehicle segments. – Revenues from International customers declined by 21% due to lower schedules for steering products, valve train components and
occupant safety products.
– Revenue from Indian aftermarket segment grew by 8% (comparable basis) › EBITDA declined from Rs. 130.0 Cr in Q3 FY19 to Rs. 89.4 Cr in Q3 FY20 – Higher employee costs and lower fixed cost absorption resulted in drop in EBITDA margin › PBT decreased by 67.9% from Rs. 63.8 Cr in Q3 FY19 to Rs. 20.5 Cr in Q3 FY20
Not to be copied or distributed without permission of Rane Holdings Limited
5
RHL Consolidated Performance Review (Q3 FY20)
Total Net Revenue (Rs cr.)
EBITDA (Rs cr.)
PBT* (Rs cr.)
638.8
546.0
14.5%
9.9%
63.3
8.1%
7.1%
29.9%
44.4
45.4
72.2%
2.3%
12.6
Q3 FY2019
Q3 FY2020
Q3 FY2019
Q3 FY2020
Q3 FY2019
Q3 FY2020
* PBT before exceptional items and includes profits from JV
› Total Net Revenue decreased by 14.5% from Rs. 638.8 Cr in Q3 FY19 to Rs. 546.0 Cr in Q3 FY20
› EBITDA decreased by 29.9% from Rs. 63.3 Cr in Q3 FY19 to Rs. 44.4 Cr in Q3 FY20
› PBT decreased by 72.2% from Rs. 45.4 Cr in Q3 FY19 to Rs. 12.6 Cr in Q3 FY20
Not to be copied or distributed without permission of Rane Holdings Limited
6
Group Aggregate Performance Review (YTD)
Rs Cr
Total Net Revenue
EBITDA
EBITDA Margin
PBT Before Exceptional Items
Exceptional (Expenses) / Income *
PBT
PBT Margin
PAT
PAT Margin
Total Comprehensive Income
9M FY19
4,025.4
9M FY20
3,428.5
424.4
10.5%
231.5
(23.3)
208.2
5.2%
130.2
3.2%
129.3
267.5
7.8%
59.8
(88.1)
(28.3)
-0.8%
(21.4)
-0.6%
(29.1)
Growth
-14.8%
-37.0%
-274 bps
-74.2%
-113.6%
-600 bps
-116.4%
-386 bps
-122.5%
* Exceptional expenses represents incremental provision towards product warranty claim by RNSS
Not to be copied or distributed without permission of Rane Holdings Limited
7
RHL Consolidated Performance Review (YTD)
Rs Cr
Total Net Revenue
EBITDA
EBITDA Margin
PBT Before Exceptional Items
Exceptional (Expenses) / Income *
PBT
PBT Margin
PAT
PAT Margin
Total Comprehensive Income
9M FY19
1,929.3
9M FY20
1,681.2
186.3
9.7%
155.0
(11.4)
143.6
7.4%
86.5
4.5%
85.3
129.7
7.7%
36.9
(43.1)
(6.3)
-0.4%
(6.5)
-0.4%
(12.2)
Growth
-12.9%
-30.4%
-194 bps
-76.2%
-104.4%
-782 bps
-107.6%
-487 bps
-114.3%
* Exceptional expenses represents RHL share of incremental provision towards product warranty claim made by RNSS
Not to be copied or distributed without permission of Rane Holdings Limited
8
Outline
› Industry Performance Review – Q3 FY20
› Rane Group Performance Review – Q3 FY20
› Group Companies Performance Highlights – Q3 FY20
Not to be copied or distributed without permission of Rane Holdings Limited
9
Rane (Madras) Ltd.
(RML)
Not to be copied or distributed without permission of Rane Holdings Limited
10
RML Standalone – Operational Performance Review
Market Environment
› Adverse market condition across vehicle segments in India
– Higher penetration of power steering in LCV & Farm Tractor segment resulted in
decline in served market
Business Split (Q3 FY20)
By Market (%)
Intl OEM, 21
India OEM&OES, 60
– Higher than industry decline in higher tonnage vehicles in M&HCV segment – New part introductions helped to post favourable growth in Indian Aftermarket
India Aftermarket, 19
Operational Highlights
› Various cost savings projects executed across plants helped to partially mitigate the
By Vehicle Segment (%)
FT, 20
impact of volume drop
› Won “Best Supplier Award” from TAFE
M & HCV, 8
LCV, 8
SCV, 7
MPV, 2
PC, 37
Not to be copied or distributed without permission of Rane Holdings Limited
MUV, 18
11
RML Standalone – Financial Performance Review
Total Net Revenue (Rs cr.)
EBITDA (Rs cr.)
PBT* (Rs cr.)
341.9
280.2
18.0%
10.4%
35.6
30.8%
8.8%
24.6
Q3 FY2019
Q3 FY2020
Q3 FY2019
Q3 FY2020
› Total Net Revenue dropped by 18.0% from Rs. 341.9 Cr in Q3 FY19 to Rs. 280.2 Cr in Q3 FY20
4.3%
14.6
76.4%
1.2%
3.5
Q3 FY2019
Q3 FY2020
* PBT before exceptional items
– Sales to Indian OE customers declined 25%. Experienced volume drop across Commercial Vehicle and Farm Tractor segments – Sales to International customers declined 28% driven by drop in volume for Steering products and Die casting products – Sales to Indian Aftermarket customers increased 17%
› EBITDA declined by 30.8% from Rs. 35.6 Cr in Q3 FY19 to Rs. 24.6 Cr in Q3 FY20
– Lower volume and unfavourable mix resulted in 162 bps drop in EBITDA margin
› PBT decreased by 76.4% from Rs. 14.6 Cr in Q3 FY19 to Rs. 3.5 Cr in Q3 FY20
Not to be copied or distributed without permission of Rane Holdings Limited
12
RML – Standalone Financials (YTD)
Rs Cr
Total Net Revenue
EBITDA
EBITDA Margin
PBT Before Exceptional Items
Exceptional (Expenses) / Income
PBT
PBT Margin
PAT
PAT Margin
Total Comprehensive Income
9M FY19
1,045.0
115.1
11.0%
55.0
-
55.0
5.3%
38.3
3.7%
37.2
9M FY20
859.8
74.3
8.6%
11.0
-
11.0
1.3%
9.7
1.1%
8.9
Growth
-17.7%
-35.4%
-237 bps
-80.1%
-80.1%
-399 bps
-74.7%
-254 bps
-76.0%
Not to be copied or distributed without permission of Rane Holdings Limited
13
RML Consolidated – Financial Performance Review
Total Net Revenue (Rs cr.)
EBITDA (Rs cr.)
PBT* (Rs cr.)
387.7
320.5
17.3%
7.4%
28.9
37.0%
5.7%
18.2
Q3 FY2019
Q3 FY2020
Q3 FY2019
Q3 FY2020
0.7%
2.9
Q3 FY2019
Q3 FY2020
357.7%
(7.5)
* PBT before exceptional items
-2.3%
› Total Net Revenue decreased by 17.3% from Rs. 387.7 Cr in Q3 FY19 to Rs. 320.5 Cr in Q3 FY20
– The US subsidiary experienced lower offtake across served customers and lower than anticipated volumes on new program
› EBITDA dropped by 37.0% from Rs. 28.9 Cr in Q3 FY19 to Rs. 18.2 Cr in Q3 FY20
– Higher spend in repairs and maintenance in the US Subsidiary resulted in drop in EBITDA margin
› PBT declined from Rs. 2.9 Cr in Q3 FY19 to a loss of Rs. 7.5 Cr in Q3 FY20
Not to be copied or distributed without permission of Rane Holdings Limited
14
RML – Consolidated Financials (YTD)
Rs Cr
Total Net Revenue
EBITDA
EBITDA Margin
PBT Before Exceptional Items
Exceptional (Expenses) / Income
PBT
PBT Margin
PAT
PAT Margin
Total Comprehensive Income
9M FY19
1,185.2
101.1
8.5%
27.0
-
27.0
2.3%
10.2
0.9%
8.5
9M FY20
997.9
49.5
5.0%
(26.9)
-
(26.9)
-2.7%
(28.2)
-2.8%
(33.1)
Growth
-15.8%
-51.1%
-357 bps
-199.7%
-199.7%
-497 bps
-376.2%
-369 bps
-488.2%
Not to be copied or distributed without permission of Rane Holdings Limited
15
Rane Engine Valve Ltd.
(REVL)
Not to be copied or distributed without permission of Rane Holdings Limited
16
REVL – Operational Performance Review
Market Environment
› Drop in volume across major vehicle segments in India › Drop in offtake from International customer
Operational Highlights
› Plants continued to improve operational performance › Continue to see traction in new business pursuits
Business Split (Q3 FY20)
By Market (%)
Intl Aftermarket, 11
India Aftermarket, 7
Intl OEM, 18
India OEM&OES, 64
By Vehicle Segment (%)
FT, 7
SCV&LCV, 4
MUV&MPV, 6
M&HCV, 6
Stationary Engine & Others, 23
PC, 31
Not to be copied or distributed without permission of Rane Holdings Limited
2W/3W, 23
17
REVL – Financial Performance Review
Total Net Revenue (Rs cr.)
EBITDA (Rs cr.)
PBT* (Rs. cr.)
107.5
22.9%
82.9
4.8%
5.2
64.4%
2.2%
1.8
Q3 FY2019
Q3 FY2020
Q3 FY2019
Q3 FY2020
› Total Net Revenue declined by 22.9% from Rs. 107.5 Cr in Q3 FY19 to Rs. 82.9 Cr in Q3 FY20
– Sales to Indian OE customers declined 19%. Volume drop across major segments. – Sales to International customers declined 29% – Sales to Indian Aftermarket segment declined 25%
› EBITDA decreased by 64.4% from Rs. 5.2 Cr in Q3 FY19 to Rs. 1.8 Cr in Q3 FY20
Q3 FY2019 (5.1)
Q3 FY2020
-4.8%
48.1%
(7.6)
-9.2% * PBT before exceptional items
– Steep drop in volume resulted in drop in EBITDA which was partially mitigated by favourable raw material price and operational
performance improvement
› Loss before tax for Q3 FY20 was Rs. 7.6 Cr as against Rs. 5.1 Cr in Q3 FY19
Not to be copied or distributed without permission of Rane Holdings Limited
18
REVL – Financials (YTD)
Rs Cr
Total Net Revenue
EBITDA
EBITDA Margin
PBT Before Exceptional Items
Exceptional (Expenses) / Income
PBT
PBT Margin
PAT
PAT Margin
Total Comprehensive Income
9M FY19
9M FY20
318.4
11.9
3.7%
(18.1)
-
(18.1)
-5.7%
(11.9)
-3.7%
(12.3)
281.6
9.6
3.4%
(19.8)
-
(19.8)
-7.0%
(12.9)
-4.6%
(12.7)
Growth
-11.6%
-19.3%
-33 bps
-9.0%
-9.0%
-133 bps
-8.8%
-86 bps
-3.4%
Not to be copied or distributed without permission of Rane Holdings Limited
19
Rane Brake Lining Ltd.
(RBL)
Not to be copied or distributed without permission of Rane Holdings Limited
20
RBL – Operational Performance Review
Market Environment
› Volume drop across Indian vehicle segments; Favourable demand from 2-Wheeler
segment driven by migration to disc brakes
› Muted demand from Indian Aftermarket business
Business Split (Q3 FY20)
By Market (%)
Intl OEM, 6
India OEM&OES, 54
India Aftermarket, 40
Operational Highlights
› Won Environmental Health & Safety (EHS) Excellence award with 4 Star rating from CII
– Southern Region
By Vehicle Segment (%)
FT, 1
2W/3W, 10
Rail, 2
› Pursuing various strategic initiatives to improve sales in Aftermarket segment
M & HCV, 33
Not to be copied or distributed without permission of Rane Holdings Limited
PC, 32
LCV, 3
SCV, 1
MPV, 3
MUV, 15
21
RBL – Financial Performance Review
Total Net Revenue (Rs cr.)
EBITDA (Rs cr.)
134.5
130.6
2.9%
15.2%
20.5
13.9%
11.1%
18.2
11.1%
14.9
PBT* (Rs cr.)
9.2%
19.6%
12.0
Q3 FY2019
Q3 FY2020
Q3 FY2019
Q3 FY2020
Q3 FY2019
Q3 FY2020
* PBT before exceptional items
› Total Net Revenue decreased by 2.9% from Rs. 134.5 Cr in Q3 FY19 to Rs. 130.6 Cr in Q3 FY20
– Sales to OE customer declined 10% due to drop in volumes across segments. Revenue from 2-Wheeler segment grew 5%. – Sales to Aftermarket customers declined 1%.
› EBITDA declined by 11.1% from Rs. 20.5 Cr in Q3 FY19 to Rs. 18.2 Cr in Q3 FY20
– Favourable product mix helped offset higher employee cost
› PBT decreased by 19.6% from Rs. 14.9 Cr in Q3 FY19 to Rs. 12.0 Cr in Q3 FY20
Not to be copied or distributed without permission of Rane Holdings Limited
22
RBL – Financials (YTD)
Rs Cr
Total Net Revenue
EBITDA
EBITDA Margin
PBT Before Exceptional Items
Exceptional (Expenses) / Income
PBT
PBT Margin
PAT
PAT Margin
Total Comprehensive Income
9M FY19
9M FY20
Growth
378.9
49.0
12.9%
32.3
-
32.3
8.5%
22.4
5.9%
22.1
361.6
49.2
13.6%
30.3
-
30.3
8.4%
25.0
6.9%
24.4
-4.6%
0.3%
66 bps
-6.0%
-6.0%
-13 bps
11.5%
100 bps
10.5%
Not to be copied or distributed without permission of Rane Holdings Limited
23
Rane TRW Steering Systems Pvt. Ltd.
(RTSS)
Not to be copied or distributed without permission of Rane Holdings Limited
24
RTSS – Operational Performance Review
Market Environment
› Significant drop in Indian Commercial Vehicle volumes impacted steering gear products › Occupant safety products: Drop in domestic Passenger Vehicle market and lower
offtake from international customer impacted sales
Business Split (Q3 FY20)
By Market (%)
Intl OEM, 36
India OEM&OES, 59
Operational Highlights
› Occupant safety products: Smooth launch and supplies on new programs › All Plants continued to pursue various cost reduction projects to partially mitigate the
impact of volume drop
India Aftermarket, 5
By Vehicle Segment (%)
M & HCV, 20
FT & Others, 1
PC, 15
LCV, 16
SCV, 1
Not to be copied or distributed without permission of Rane Holdings Limited
MUV&MPV, 47
25
RTSS – Financial Performance Review
Total Net Revenue (Rs cr.)
EBITDA (Rs cr.)
PBT* (Rs cr.)
335.3
24.7%
252.6
10.6%
35.6
40.2%
8.4%
21.3
Q3 FY2019
Q3 FY2020
Q3 FY2019
Q3 FY2020
7.1%
23.9
63.7%
3.4%
8.7
Q3 FY2019
Q3 FY2020
* PBT before exceptional items
› Total Net Revenue decreased by 24.7% from Rs. 335.3 Cr in Q3 FY19 to Rs. 252.6 Cr in Q3 FY20 – Revenue from steering gear products declined driven by volume drop in M&HCV segment – Revenue from occupant safety systems declined on account of drop in Passenger Vehicle volume and lower volume from
international customers .
› EBITDA dropped by 40.2% from Rs. 35.6 Cr in Q3 FY19 to Rs. 21.3 Cr in Q3 FY20
– Significant volume drop resulted in drop in profitability
› PBT declined by 63.7% from Rs. 23.9 Cr in Q3 FY19 to Rs. 8.7 Cr in Q3 FY20
Not to be copied or distributed without permission of Rane Holdings Limited
26
RTSS – Financials (YTD)
Rs Cr
Total Net Revenue
EBITDA
EBITDA Margin
PBT Before Exceptional Items
Exceptional (Expenses) / Income
PBT
PBT Margin
PAT
PAT Margin
Total Comprehensive Income
9M FY19
9M FY20
998.0
115.6
11.6%
81.1
-
81.1
8.1%
53.9
5.4%
55.5
890.6
71.9
8.1%
32.4
-
32.4
3.6%
25.0
2.8%
22.6
Growth
-10.8%
-37.8%
-351 bps
-60.0%
-60.0%
-448 bps
-53.5%
-259 bps
-59.3%
Not to be copied or distributed without permission of Rane Holdings Limited
27
Rane NSK Steering Systems Pvt. Ltd.
(RNSS)
Not to be copied or distributed without permission of Rane Holdings Limited
28
RNSS – Operational Performance Review
Market Environment
› Drop in Passenger Vehicle segment impacted EPS performance › MSC volumes impacted by drop in Commercial Vehicle segment
Operational Highlights
› Pursuing various localisation initiatives and cost reduction projects
Warranty Provision
› Based on the recent trends on warranty returns, made incremental provisions towards
product warranty claim
Business Split (Q3 FY20)
By Market (%)
Intl OEM, 1
India OEM&OES, 99
By Vehicle Segment (%)
MUV, 21
SCV, LCV, 3 M & HCV, 1
FT & Others, 2
Not to be copied or distributed without permission of Rane Holdings Limited
PC, 73
29
RNSS – Financial Performance Review
Total Net Revenue (Rs cr.)
EBITDA (Rs cr.)
12.1%
40.7
10.3%
30.6
PBT* (Rs cr.)
8.5%
5.5%
16.4
336.6
11.7%
297.3
24.7%
28.8
43.1%
Q3 FY2019
Q3 FY2020
Q3 FY2019
Q3 FY2020
Q3 FY2019
Q3 FY2020
* PBT before exceptional items
› Total Net Revenue decreased by 11.7% from Rs. 336.6 Cr in Q3 FY19 to Rs. 297.3 Cr in Q3 FY20
– Drop in volume across served models resulted in revenue decline
› EBITDA decreased by 24.7% from Rs. 40.7 Cr in Q3 FY19 to Rs. 30.6 Cr in Q3 FY20
– Lower fixed cost absorption resulted in EBITDA margin drop › PBT dropped from Rs. 28.8 Cr in Q3 FY19 to Rs. 16.4 Cr in Q3 FY20
Not to be copied or distributed without permission of Rane Holdings Limited
30
RNSS – Financials (YTD)
Rs Cr
Total Net Revenue
EBITDA
EBITDA Margin
PBT Before Exceptional Items
Exceptional (Expenses) / Income *
PBT
PBT Margin
PAT
PAT Margin
Total Comprehensive Income
9M FY19
1,093.3
148.4
13.6%
113.3
(23.3)
90.0
8.2%
58.3
5.3%
58.4
9M FY20
882.1
89.2
10.1%
47.6
(88.1)
(40.4)
-4.6%
(27.2)
-3.1%
(27.2)
Growth
-19.3%
-39.9%
-346 bps
-58.0%
-144.9%
-1282 bps
-146.7%
-842 bps
-146.6%
* Exceptional expenses represents incremental provision made towards product warranty claim
Not to be copied or distributed without permission of Rane Holdings Limited
31
Thank You
Rane Corporate Centre
“Maithri" 132, Cathedral Road,
Chennai - 600 086, India
w w w . r a n e g r o u p . c o m
For further information, please contact:
investorservices@ranegroup.com or dpingle@christensenir.com
Not to be copied or distributed without permission of Rane Holdings Limited
32
Glossary of Abbreviations
Abbreviation
Expansion
Abbreviation
Expansion
bps
CII
EBITDA
EPS
FT
FY
Intl
LCV
MPV
MUV
M&HCV
MSC
Basis point, 100 bps equal to 1%
Confederation of Indian Industry
Earnings Before Interest, Tax and Depreciation & Amortization
Electric Power Steering
Farm Tractors
Financial Year
International
Light Commercial Vehicles
Multi Purpose Vehicles
Multi Utility Vehicles
Medium & Heavy Commercial Vehicles
Manual Steering Column
OE
OEM
OES
PBT
PAT
PC
RHL
SCV
SIAM
TAFE
YoY
Original Equipment
Original Equipment Manufacturer
Original Equipment Supplier
Profit Before Tax
Profit After Tax
Passenger Car
Rane Holdings Limited
Small Commercial Vehicles
Society of Indian Automobile Manufacturers
Tractors and Farm Equipment Limited
Year-on-Year
2W/3W
Two Wheeler/Three Wheeler
Not to be copied or distributed without permission of Rane Holdings Limited
33
Disclaimer
This presentation may contain certain forward looking statements concerning Rane’s future business prospects and business profitability, which are subject to a number of risks and uncertainties and the actual results could materially differ from those in such forward looking statements. The risks and uncertainties relating to these statements include, but not limited to risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, competition (both domestic and international), economic growth in India and the target countries for exports, ability to attract and retain highly skilled professionals, government policies and action with respect to investments, fiscal deficits, regulations etc., interest and other fiscal costs generally prevailing in the economy. The company does not undertake to make any announcement in case any of these forward looking statement become materially incorrect in future or update any forward looking statements made from time to time by or on behalf of the Company.
Not to be copied or distributed without permission of Rane Holdings Limited
34