Auto parts firm Rane Engine Valves Ltd (REVL) reported a net profit of ₹1.5 crore for the quarter ended September 30, 2023 as against a net loss of ₹4 lakh in the year-ago period.
Its EBITDA stood at ₹9.2 crore compared with ₹8.3 crore in the September 2022 quarter, an increase of 11.5 per cent. But, EBITDA margin was lower at 6.4 per cent (6.7 per cent in Q2FY23).
Total revenue grew by 16.5 per cent to ₹143.7 crore for Q2 FY24 when compared with ₹123.3 crore in the year-ago quarter, according to a statement.
“REVL continues to work on the cost savings initiatives to sustain and improve the financial performance. Though we remain positive about the demand environment, given the dynamic macro and geopolitical situation we are working closely with our customers and focusing on operational improvements,” said L Ganesh, Chairman, Rane Group.
For the half year ended September 30, 2024, it recorded a net profit of ₹3.2 crore as against the net loss of ₹3.2 crore in H1 FY23. Total revenue grew 18.4 per cent to ₹282.2 crore (₹238.3 crore).