Rane Engine Valve Ltd.’s (REVL) standalone net profit for the quarter ended March contracted 2.5% YoY to ₹4.74 crore due to adverse product mix.
Revenue from operations rose 10% to ₹150 crore. The results also included exceptional item of ₹4.20 crore pertaining to customer quality claims and merger related expenses, the leading manufacturer of engine valves, guides and tappets said in a statement.
Sales to India original equipment customers grew 14% supported by a strong off-take from passenger vehicle and two wheeler customers. Export sales remained flat with 1% growth. Sales to Indian aftermarket customers grew by 28%.
The board recommended a dividend of ₹5 per share, payable by August 1.
