RML2023-04-012023-06-30 RML2023-04-012023-06-30in-bse-fin:OneOperatingExpenses01Member RML2023-06-30 RML2023-04-012023-06-30in-bse-fin:OneItemsThatWillNotBeReclassifiedToProfitAndLoss01Member iso4217:INRxbrli:purexbrli:sharesiso4217:INRxbrli:shares 532661 RML NOTLISTED Rane (Madras) Limited Equity 2023-04-01 2024-03-31 2023-07-26 2023-06-29 INR Crores First quarter 11:10:00 12:57:00 2023-07-26 2023-07-26 Not applicable Single segment The Company operates only in one segment, namely, manufacture and marketing of components and providing technological services for Transportation industry. 2023-04-01 2023-06-30 Unaudited Standalone 5304000000.00 17100000.00 5321100000.00 3454700000.00 0.00 -100100000.00 547900000.00 99700000.00 191800000.00 899900000.00 5093900000.00 227200000.00 -187500000.00 39700000.00 13400000.00 -3400000.00 10000000.00 0.00 29700000.00 0.00 0.00 0.00 0.00 29700000.00 -7000000.00 22700000.00 0.00 0.00 162700000.00 10 1.83 1.83 0.00 0.00 1.83 1.83 The above financial results have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on July 26, 2023. The above financial results have been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 Interim Financial Reporting ( Ind AS 34 ), prescribed under Section 133 of the Companies Act, 2013 and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. Rane (Madras) Limited ('the Company') and its subsidiaries (collectively referred to as 'the Group') are engaged in the manufacture of components primarily for Transportation industry, which in the context of Indian Accounting Standard (Ind AS) 108 – Operating Segments, is considered as the only operating segment of the Group. During the quarter, Board of Directors and Shareholders of the Company have approved the sale/ divestment/ pledge/ dilution / disposal of Rane Light Metal Castings Inc., USA (LMCA) and / or cessation of control of the Company in LMCA. This is owing to changes in market conditions and re-prioritization of investments. Exceptional items comprise: - In the standalone financial results: During the quarter and year ended March 31, 2023, the Company had assessed the carrying value of its investments in a subsidiary and considered the fair value changes thereto resulting in a reduction in the carrying value aggregating to Rs. 223.28 crores being shown as an exceptional item for the quarter and year ended March 31, 2023. In order to carry out the above assessment, projections of future cash flows of the operating step-down subsidiary based on the most recent long-term forecasts, including selling price and related volumes. - In the consolidated financial results: As at 31 March 2023, on account of changes in market conditions and rising cost of capital, the Group has assessed the recoverable amount of the net assets of Rane Light Metal Castings Inc, USA ('LMCA') the step-down subsidiary of the holding company which represents a single cash generating unit (CGU). Based on such assessment, the Group has recorded an impairment charge of Rs. 9.05 crores as an exceptional item in its consolidated financial results during the quarter and year ended March 31, 2023. - In the standalone and consolidated financial results: for the quarter ended June 30, 2023, exceptional items amounting to Rs. 18.75 crores primarily comprise of provision for one time warranty related costs and expenditure towards Voluntary Retirement Scheme (year ended March 31, 2023 : Rs. 2.61 crores). The figures for the quarter ended March 31, 2023 as reported in these financial results are the balancing figures between audited figures in respect of the full financial year and the published unaudited year to date figures up to the end of the third quarter of the relevant financial year. The Standalone and Consolidated financial results for the quarter ended June 30, 2023 are being published in the newspaper as per the format prescribed under Regulation 33 of SEBI (Listing Obligations and Disclosure requirements) Regulations, 2015. The Standalone and Consolidated financial results are also available on the Stock Exchange websites of BSE (www.bseindia.com) and NSE (www.nseindia.com) and on the Company's website viz., www.ranegroup.com. Other Expenses 899900000.00 Amount of items that will not be reclassified to profit and loss -9400000.00 -9400000.00 -2400000.00 0.00