Rane Engine Valve Ltd. (REVL), a manufacturer of engine valves, guides and tappets, reported a standalone net loss of ₹3.5 crore for the second quarter ended September against a net loss of ₹3.7 crore in the year-earlier period.
During the period, REVL posted a total revenue of ₹83.4 crore against ₹94.6 crore. The firm said sales to Indian original equipment customers declined 8%. A volume drop in the passenger car segment, particularly diesel vehicles, had hit sales. Sales to international clients declined 15%.
REVL also reported an exceptional item of ₹81 lakh relating to voluntary retirement expenditure, REVL said in a regulatory filing.
“Plant operations faced supply chain and labour availability challenges while ramping up production levels,” said L. Ganesh, chairman, Rane Group.
“The cost-reduction measures and better operational performance helped to manage the margin despite the lower volume. We remain cautiously optimistic about sustenance of the demand post festive season,” he added.
