Rane Engine Valve, a leading manufacturer of engine valves, guides and taps, has announced the financial viability of the FY22.
The company had a revenue of Rs 385 crore in FY22 as against Rs 304 crore for the same period last year. The net loss has almost doubled to Rs 11.9 crore from Rs 6.1 crore in the previous year.
For Q4 FY22, revenue came in at Rs 109 crore, an increase of 11 per cent, while net loss fell to Rs 100,000 from Rs 50 lakh for the same period last year.
The company said its sales to Indian OE customers fell 6 percent because of the reduced amount of programs served in the passenger car segment and lower costs from the two-wheeler segment. But in the aftermarket segment, domestic sales grew 22 percent. On the other hand, led by automotive customers, international sales grew 31 percent.
R Ganesh Group Chairman L Ganesh said, “Despite the coronavirus third wave in India and the limitations of the supply chain, the demand environment was favorable. REVL has worked on a number of operational improvements and cost-saving initiatives to mitigate the inflationary environment. REVL is looking at short-term management performance to return to profitability. “