Rane Engine Valve Ltd addressing operational performance to return to profitability: Official

Manufacturer of engine valves, Rane Engine Valve Ltd was addressing operational performance in the short term to return to profitability, a top official said on Tuesday.

The city-based company, part of the diversified conglomerate Rane Group, had declared its financial performance for the quarter and the year ending March 31, 2022.

Net loss during the quarter under review stood at Rs 0.01 crore as against Rs 0.5 crore registered year ago.

Total revenue during the quarter grew to Rs 109.5 crore from Rs 98.5 crore registered corresponding quarter previous year.

''Despite the third wave of coronavirus in India and supply chain constraints, the demand environment remained unfavourable. REVL worked on several operational improvement and cost savings initiatives to mitigating the inflationary environment'', Rane Group chairman L Ganesh said in a statement. ''REVL is addressing operational performance in the short term to return to profitability'', he said.

The company said it witnessed a 6 per cent decline in sales to original equipment customers due to the drop in volumes in passenger car segment and lower offtake from two wheeler segment.

Sales to international customers grew by 31 per cent during the quarter ending March 31, 2022, it said. PTI VIJ VIJ SS SS

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