Rane Engine Valves reduced its net loss to ₹1.79 crore for the quarter ended December 30, 2016, when compared with a net loss of ₹8.47 crore in the year-ago period, on the back of better operating performance.
EBITDA stood at ₹3.38 crore when compared with ₹0.85 crore in Q3 of previous fiscal, an increase of 300 per cent. EBITDA margin stood at four per cent for Q3 of this fiscal against one per cent a year-ago.
“Continued focus on operational cost reduction and lower finance costs helped in reducing the loss for the quarter,” according to a statement.
Total operating income fell marginally to ₹81.14 crore from ₹82.01 crore a year-ago.
“We had a challenging Q3 given the impact of demonetisation on our business. However, despite lower revenues, our initiatives continued to yield improvement in operating performance as demonstrated in the financial results,” said L Ganesh, Chairman, Rane Group.
“As we move forward, we anticipate pick up in demand driven by revival of two-wheeler segment and scheduled new launches. We remain optimistic on business and will continue to work towards improving our operating performance,” he added.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.