Rane Engine Valves pares net loss to ₹3.7 cr

Our Bureau Chennai | Updated on October 23, 2019

Auto parts firm Rane Engine Valves Ltd (REVL) reported a net loss of ₹3.7 crore for the quarter ended September 30, compared with a net loss of of ₹4.1 crore in the year-ago period.

EBITDA for the quarter was at ₹4.5 crore compared with ₹3.4 crore in Q2 of the previous fiscal.

The EBITDA margin stood at 4.7 per cent (3.1 per cent).

Despite lower volume, favourable raw material price and forex movement and operational performance improvement helped to improve EBITDA margins, according to a company statement.

Net revenue of the company fell 12.3 per cent at ₹95 crore (₹108 crore). Sales to Indian OE customers declined 18 per cent and sales to international customers fell eight per cent.

For the half-year ended September 30, the net loss stood at ₹7.9 crore compared with a net loss of ₹8.5 crore in the year ago period. Net revenue saw a decline of 6 per cent at ₹199 crore (₹211 crore).

Published on October 23, 2019

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