Rane Engine Valve Limited (NSE: RANEENGINE; BSE Code:532988), a leading manufacturer of Engine Valves, Guides and Tappets today announced financial performance for the financial year (FY19) ended March 31st, 2019.
- Total Net Revenue was Rs. 424.9 Crore for FY19 as compared to Rs. 377.0 Crore in FY18, an increase of 12.7%
-EBITDA stood at Rs. 19.9 Crore as compared to Rs. 15.4 Crore during FY18, an increase of 29.0%
- EBITDA Margin at 4.7% for FY19 as against 4.1% in FY18, an increase of 59 basis point (bps)
- Net Loss of Rs. 13.6 Crore for FY19 as compared to a loss of Rs. 17.1 Crore in FY18
- Sales to Indian OE customers grew 7% supported by improved deliveries to passenger car and two-wheeler segments
- Sales to Indian aftermarket segment grew 12% despite the engine reconditioning market remaining stagnant
- Sales to International customers grew by 24% supported by ramp up in supplies to key OE customer.
- EBITDA margin improved by 59 bps
* Better operational performance and productivity benefits helped to mitigate increase in raw material costs and employee cost
* Higher provision for receivables resulted in increase in other expenses.
"REVL posted strong sales growth and improvement in operational performance in FY19. Unfavourable material cost and higher employee cost created headwinds despite plants improving on operational parameters. The management is working on various measures to manage cost during this uncertain demand environment." - L. Ganesh, Chairman, Rane Group.