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**Consolidated Financial Summary**
Rane Holdings Limited reported a total revenue of ₹1,245.9 crore for Q3 FY25, marking a significant increase of 48.1% compared to ₹841.3 crore in Q3 FY24. The substantial revenue growth is attributed to the consolidation of Rane Steering Systems Private Limited (RSSL), which became a wholly-owned subsidiary, enhancing the overall sales volume.
Despite the revenue surge, EBITDA decreased to ₹83.4 crore for Q3 FY25 from ₹94.5 crore in the previous year, a reduction of 11.7%. This decline in margin, now at 6.7% compared to 11.2% the year prior, reflects challenges arising from an adverse product mix and one-off provisions for obsolete inventory and employee costs.
The net profit (PAT) for Q3 FY25 plummeted to ₹4.2 crore, down from ₹48.0 crore in Q3 FY24, resulting in a 91.2% decrease. This sharp decline is impacted by a one-time tax credit reversal of ₹10.54 crore due to the adoption of the new income tax regime by a subsidiary.
For the nine months ending December 31, 2024, total revenue reached ₹3,003.3 crore, a rise of 12.5% from ₹2,669.6 crore in the prior year. However, EBITDA remained stable at ₹248.0 crore, slight decrease from ₹248.1 crore. PAT increased to ₹209.1 crore compared to ₹111.2 crore in the previous nine-month period, driven by exceptional items related to settlements and asset remeasurements.
**Investor Insight**: Given the mixed results with strong demand driving revenue but substantial declines in profit margins, investors may consider a cautious approach, potentially maintaining current positions as the company's strategic pivot towards integration and operational efficiency unfolds.