Rane Engine Valve Ltd has reduced its net loss to ₹4 lakh for the quarter that ended on September 30 as compared to a net loss of ₹3.1 crore in the year-ago quarter.
Its EBITDA stood at ₹8.3 crore as compared to ₹3.5 crore in September 2021 quarter, an increase of 135 per cent. The EBITDA margin grew to 6.7 per cent from 3.5 per cent in Q2 FY22.
Growing revenues
Total revenue grew by 23 per cent to ₹123.3 crore for Q2 FY23 as compared to ₹100.4 crore in the year-ago quarter, according to a statement.
“Favourable demand and improved operational performance helped the company further improve during Q2 FY23. We continue to experience higher commodity prices, particularly in special alloys. Management is working to mitigate the impact through a combination of improved operational performance and customer recovery,” said L Ganesh, Chairman, Rane Group.
The demand environment remains strong with the ongoing festive season, however, we remain cautious given the global economic situation and tightening monetary policy, he added.
For the half year ended September 30 the net loss stood at ₹3.2 crore compared to a loss of ₹8.9 crore in H1 FY22. Total revenue grew 35 per cent to ₹238.3 crore as compared to ₹176.4 crore.