Chennai, Manufacturer of engine valves , part of the Rane Group of Companies, has reported a net loss at Rs 3.1 crore for the quarter ending June 30, 2022, the company said on Wednesday. The city-based manufacturer of engine valves, guides and tappets, reported net loss at Rs 5.8 crore during corresponding quarter previous year.
Total revenue for the quarter ending June 30, 2022 grew to Rs 115 crore from Rs 76 crore registered same quarter last financial year.
In a statement, the company said the figures during the quarter ending June 30,2022 were strictly not comparable with corresponding quarter of previous year.
On the performance of the company, Rane Engine Valve Ltd said sales to Indian original equipment (OE) customers grew 50 per cent, supported by strong demand across vehicle segments. Export sales grew by 55 per cent as the demand from overseas customers remained strong.
Though there were higher material prices and unfavourable product mix, the Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) margin improved by 500 basis points due to operational leverage on higher volumes.
Commenting on the financial performance, Rane Group, Chairman, L Ganesh said, “demand environment remained favourable in Q1 FY23. Rane Engine Valve Ltd capitalised on the demand and ramped up the output across the plants. We continued to experience commodity price increase in the quarter.”
“Demand environment in India looks encouraging for the upcoming quarter. We remain cautiously optimistic given the evolving economic situation globally
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