Rane Engine Valve Ltd reports loss in Q1FY22 equitybulls.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from equitybulls.com Daily Mail and Mail on Sunday newspapers.
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The intense Covid-19 second wave and the lockdown is expected to impact growth in the first quarter of this fiscal, said L.Ganesh, Chairman, Rane Group.Announcing the results for engine components maker Rane Engine Valve Ltd (REVL) Ganesh said: .
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Rane Holdings Ltd., the holding company of the Rane Group, returned to profit with a consolidated net profit of ₹39 crore for the quarter ended December on growing demand for its products.
It had posted a net loss of ₹3 crore in the year-earlier period. Revenue from operations rose 23% to ₹644 crore. The results also include an exceptional gain of ₹23.49 crore from profit on sale of land by Rane Engine Valve Ltd., it said. “We remain cautiously optimistic on the demand environment,” said L. Ganesh, CMD.
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Rane Engine Valve Ltd. has posted a net profit of ₹14 crore in the third quarter ended December 2020, against a net loss of ₹5 crore in the year-earlier period on account of higher sales. Total revenue stood at ₹93 crore (₹83 crore). The financial performance also included an exceptional item of ₹23.49 crore (income from profit on sale of land and VRS related expenditure), the company said in a regulatory filing.
“There was a strong recovery in demand in Q3,” said chairman L. Ganesh. “The plants improved output despite challenges in manpower and raw material availability. The operational performance continued to improve,” he said.