Rane group Chairman L. Ganesh
Rane Engine Valve Ltd., (REVL) has posted a standalone net profit of ₹4.9 crore for the quarter ended March against a loss of ₹0.01 crore in the year-earlier period on strong sales volume.
Revenue from operations grew 25% to ₹136 crore, while raw material costs increased by 29% to ₹56 crore, the manufacturer of components for the transportation industry said in a regulatory filing.
The result included an exceptional item of ₹2 crore as provision for customer quality claims towards estimated product liability costs, in respect of certain valves supplied to an overseas customer pending finalisation. REVL has initiated insurance claims.
Sales to India original equipment customers grew by 28% supported by strong off-take from passenger vehicle and commercial vehicle customers. Export grew by 27% and sales to Indian aftermarket customers stood in-line with Q4 of FY22.
Group chairman L. Ganesh said that REVL executed several operational improvements and cost saving initiatives which resulted in financial turnaround.
“REVL continues to prioritise operational improvement projects including capacity optimisation for sustaining and improving the performance,” he said.
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