Rane Engine Valve reports net profit of Rs 4.9 crore in Q4FY23

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.