Rane Engine Valve Ltd. (REVL) posted a 9.75% drop in standalone net profit for the second quarter ended September 30 to ₹3.7 crore on lower sales volume. Total net revenue slumped to ₹94.6 crore from ₹107.8 crore.
“REVL had a challenging quarter with a significant drop in volumes across segments. The plants continued to improve on operational performance,” said L. Ganesh, chairman, Rane Group.
“The unprecedented drop in demand has set us back on the turnaround plan. The team is working to further improve operational performance and reduce costs.
“We are hopeful that these measures will help REVL get back to the turnaround plan once the demand environment improves,” he said.
Sales to Indian original equipment customers declined 18%. Sales to international customers declined 8%.
Despite lower volume, favourable raw material price and forex movement and operational performance improvement helped improve EBITDA margins, the company said in a regulatory filing.
