Rane Engine Valve turns in net profit of ₹1.7 crore in Q1

July 25, 2023 08:20 pm | Updated 08:20 pm IST - CHENNAI

Rane Group chairman L. Ganesh

Rane Group chairman L. Ganesh

Rane Engine Valve Ltd. (REVL) posted a standalone net profit of ₹1.7 crore for the June quarter against a loss of ₹3.1 crore in the year-earlier period on operational improvement and cost saving initiatives.

Revenue from operations rose 20% to ₹138 crore. The net profit included exceptional expenditure of ₹1.13 crore towards estimated product liability costs, the maker of engine valves said in a regulatory filing.

Sales to India original equipment customers grew 19% supported by strong off-take from passenger vehicle and commercial vehicle customers. Exports rose 25%, while sales to Indian aftermarket customers grew 10%.

“REVL continued the growth momentum supported by the favourable demand environment in Q1. Demand across major vehicle segments continues to remain robust,” said group chairman L. Ganesh.

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