Auto parts firm Rane Engine Valve Ltd (REVL) has reported an increase in its net loss at ₹8.80 crore for the quarter ended March 31, 2018, compared with a net loss of ₹27.52 lakh in the year-ago period.
But, in the year-ago quarter, the company had an exceptional item that included a loss on sale/ retirement of assets on rationalisation of facilities amounting to ₹3.57 crore.
Its revenue from operations stood at ₹98.54 crore for the fourth quarter of FY18 against ₹101.44 crore in the fourth quarter of FY17.
The revenue from operations for the quarter and year ended March 31, 2017, are inclusive of excise duty, and hence, are not comparable with the revenue from operations for the quarter and year ended March 31, 2018, according to a company note.
For the year ended March 31, 2018, the company reported a net loss of ₹17.1 crore compared with a net profit of ₹57.7 crore in 2016-17.
Total net revenue was ₹377 crore (₹356 crore in FY17).
EBITDA stood at ₹15.4 crore (₹24.8 crore), a decline of 38 per cent. EBITDA margin was lower at 4.1 per cent compared with 6.9 per cent.
“The turnaround of REVL is under way and likely to take another 18 to 24 months. The company management is pursuing series of initiatives to stabilise operations and become profitable,” pointed out L Ganesh, Chairman, Rane Group.