May 22, 2012: Rane Engine Valve Ltd, which manufactures engine valves, valve guides and tappets and is a part of the Rane Group, has announced its audited results for the year ended March 31, 2012. The company registered sales and operating income of Rs.307.02 crore for the fiscal year as against Rs 288.32 crore for 2010-11. This represents a growth of 6 percent on year-on-year basis. Profit before tax at Rs 1,967 lakh was up by 32 percent YoY.

The company says sales in the domestic OEM market grew by 5 percent, domestic aftermarket grew by 5 percent and export market grew by 7 percent. Due to a slowdown in the offtake of European customers, there was a drop in export sales in Q4 that affected overall export sales growth for the year.

The company continues to achieve operational efficiencies, improve productivity, cost savings through innovative shopfloor practices. It has also managed the highly volatile foreign currency exchange rate movements by timely hedging its exposure and thus mitigated the adverse impact.