Rane Engine Valve Ltd. has reported a net loss of ₹8.8 crore, after exceptional items, for the quarter ended March 31 compared with a loss of ₹28 lakh a year earlier.
It attributed the loss to the negative impact of the implementation of the GST on the after-market business. Total net revenue in the quarter fell to ₹101 crore from ₹104 crore. “The turnaround of REVL is under way and likely to take another 18-24 months,” said group chairman L. Ganesh.
“The management is pursuing... initiatives to stabilise operations and become profitable,” he said. The quarter numbers included exceptional items. The company reported profit of ₹94 crore on sale of land and loss of ₹3.57 crore on sale/retirement of assets on rationalisation of facilities.
Sales to Indian original equipment manufacturers grew 10% and those to international customers rose 6.5%. This was driven by ramp up in business with a major European customer partially offset by lower off-take in international after market business, the company said in a statement.
Shares of the firm fell 0.81% to ₹526 on the BSE on Wednesday.
