Rane Engine Valve reports net profit of Rs 4.9 crore in Q4FY23
The company reported a net profit of Rs 4.9 crore in Q4FY23, versus a loss of Rs 0.01 crore in the same period a year ago (Q4FY22), on the back of strong off-take from Passenger Vehicle and Commercial Vehicle customers.
Chennai-based Rane Engine Valve (REVL), a manufacturer of engine valves, guides, and tappets, has announced its financial results for Q4 FY23, and full-year FY23, which ended 31 March 2023.
The company reported a net profit of Rs 4.9 crore in Q4FY23, versus a loss of Rs 0.01 crore in the same period a year ago (Q4FY22), on the back of strong off-take from Passenger Vehicle and Commercial Vehicle customers.
For Q4FY23, the company reported total revenues of Rs 136.5 crore, an increase of 24.7%, as compared to Rs 109.5 crore in FY22. The net profit stood at Rs 4.9 crore in Q4FY23, versus a loss of Rs 0.01 crore in the same period a year ago (Q4FY22).
L. Ganesh, Chairman, Rane Group said that the financial turnaround of REVL driven by strong topline growth and improved operational performance. He added that favourable demand environment in India and strong demand from exports supported the topline growth.
“REVL executed several operational improvements and cost saving initiatives which resulted in financial turnaround. REVL continues to prioritise operational improvement projects including capacity optimisation for sustaining and improving the performance,” he stated.
RELATED ARTICLES
Suzuki V-Strom 800DE priced at Rs 10.30 lakh
It has a 776cc parallel-twin engine makes 84.3hp, 78Nm.
Switch Mobility electrifies production line with first IeV 4 rollout
"This achievement marks a significant step forward in our journey towards sustainable mobility and innovation," said Ma...
CARS24 launches Driver-on-Demand service
The service is currently available in Gurugram with plans to expant to other major cities.