Rane Holdings Ltd (RHL) reported consolidated net profit grew 61% over the year ago period to ₹19.5 crore.

Revenue from operations contracted by 7% to ₹831 crore, the holding company of Rane group said in statement.

Revenue from Indian original equipment customers grew by 9% supported by strong growth in passenger vehicle segment, while revenues from Indian aftermarket segment decreased by 1%.

RHL’s revenues from international customers decreased by 17% predominantly on account of divestment of Rane Light Metal Casting Inc., business. On an organic basis it declined by 5% due to end of certain customer programs for steering and occupant safety products.

The board approved reappointment of Vice Chairman Harish Lakshman as Joint Managing Director for a period of five years from August 1.