Rane Engine Valve Q1 results: Company posts net loss of Rs 3.1 crore
Total revenue for the quarter ending June 30, 2022 increased to Rs 115 crore from Rs 76 crore recorded in the same quarter of the previous fiscal year.
In a statement, the company said that the figures for the quarter ending June 30, 2022 were strictly not comparable to the corresponding quarter of the previous year.
On business performance, Rane Engine Valve Ltd said sales to Indian original equipment (OE) customers increased by 50%, supported by strong demand across all vehicle segments. Export sales increased by 55% as demand from overseas customers remained strong.
Although material prices increased and revenue mix was unfavorable, earnings before interest, tax, depreciation, and amortization (EBITDA) margin improved 500 basis points due to operating leverage at higher volumes.
Commenting on the financial performance, Rane Group, Chairman, L Ganesh said, “The demand environment remained favorable in the first quarter of FY23. Rane Engine Valve Ltd capitalized on demand and increased production across all the factories. trimester.”
“The demand environment in India looks encouraging for the next quarter. We remain cautiously optimistic given the evolving economic situation globally.