Rane Engine Valves has reported a net loss of ₹ 2.67 crore for the quarter ended June 30, 2017 when compared with a net loss of ₹ 2.59 crore in the same period last year.
Total revenues decreased three per cent to ₹ 89 crore from ₹ 91 crore.
The company said sales to domestic OE customers were muted as it was constrained with delivery bottlenecks at select plants. Aftermarket sales were also affected as dealers lowered stocking owing to GST implementation.
“We had a challenging quarter with lower revenues creating pressure on profitability. We anticipate pickup in market demand in the upcoming quarters,” said L Ganesh, Chairman, Rane Group
“The revival of operational performance is taking longer than anticipated. As we move forward, our initiatives will address on reducing rejections, de-bottlenecking and controlling cost to deliver improved operational performance,” he added.