Auto-component manufacturer Rane Brake Linings, part of the Rane Group, has recorded a 26.3 per cent rise in net profit for the third quarter ending December 31, 2016 to Rs 9.98 crore.
The Chennai-based company had registered net profits at Rs 7.90 crore in the corresponding period of previous year.
For the half-year ending September 30, 2016 net profits surged to Rs 30.30 crore from Rs 16.62 crore registered during the year ago period.
Total income from operations for the Oct-December 31 2016 period stood at Rs 119.50 crore as against Rs 111.67 crore registered during the same period of last year.
For the April-September 30, 2016 period, total income from operations grew to Rs 354.02 crore from Rs 324.63 crore registered during the corresponding period of last fiscal.
"The third quarter was an eventful quarter, given the macro economic issues facing the industry. Despite headwinds, Rane Brake Linings clocked a steady performance on the back of robust demand from Indian OEMs in Passenger vehicle segment coupled with our ongoing cost reduction initiatives", Rane Group Chairman L Ganesh said.
Stating that there was strong demand from domestic OEM customers in passenger and commercial vehicle segment, the company said the aftermarket business was affected due to demonetisation.
Disc pads maintained its growth momentum and the overseas market witnessed a flat performance, the release said.
An interim dividend of Rs six per equity share has been declared by the Board of Directors on the paid-up capital of 79,14,980 of Rs 10 each.
The record date for payment of interim dividend is February two, 2017.