Business

REVL Q2 loss narrows to ₹3.5 crore

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.

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Printable version | Dec 2, 2020 11:45:21 AM | https://www.thehindu.com/business/revl-q2-loss-narrows-to-35-crore/article32932772.ece

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