Rane Engine Valve Limited (NSE: RANEENGINE; SSE Code:532988), a leading manufacturer of Engine Valves, Guides and Tappets today announced financial performance for the second quarter (Q2 FY18) and six months (H1 FY18) ended September 30th, 2017.
Q2 FY18 Performance
- Total Net Revenue was Rs. 94.1 Crore for Q2 FY18 as compared to Rs. 90.6 Crore in Q2 FY17, an increase of 3.8%
- EBITDA stood at Rs. 5.2 Crore as compared to Rs. 2.3 Crore during Q2 FY17, an increase of 120.2%
- EBITDA Margin at 5.5% for Q2 FY18 as against 2.6% in Q2 FY17
- Net Loss of Rs. 2.4 Crore for Q2 FY18 as compared to a profit of Rs. 62.1 Crore in Q2 FY17
H1 FY18 Performance
- Total Net Revenue was Rs. 183.1 Crore for H1 FY18 as compared to Rs. 182.1 Crore in H1 FY17, an increase of 0.6%
- EBITDA stood at Rs. 9.8 Crore as compared to Rs. 8.9 Crore during H1 FY17, an increase of 10.4%
- EBITDA Margin at 5.4% for H1 FY18 as against 4.9% in H1 FY17
- Net Loss of Rs. 5.0 Crore for H1 FY18 as compared to a profit of Rs. 59.6 Crore in H1 FY17
Operating Highlights for Q2 FY18
- Strong demand from Indian OE customers particularly Two-Wheeler segment and higher offtake by Intemational customers
- Continued to experience lower offtake in Indian Aftermarket segment
- Continues to focus on operational efficiency and cost reduction initiatives
- Lower finance costs helped in reducing the loss for the quarter
L Ganesh, Chairman, Rane Group said, "REVL capitalized on robust demand environment to post revenue growth. We experienced challenges in demand fulfilment owing to delivery bottlenecks in one of our manufacturing facility. We continue to focus on the operational performance with stringent cost control measures. We anticipate strong demand from Indian and International OE customers in the upcoming quarters and would continue to work towards improving our profitability."
Shares of RANE ENGINE VALVE LTD. was last trading in BSE at Rs.624 as compared to the previous close of Rs. 613.2. The total number of shares traded during the day was 865 in over 72 trades.
The stock hit an intraday high of Rs. 644.2 and intraday low of 613.1. The net turnover during the day was Rs. 541479.