CHENNAI: Rane Engine Valve Ltd. (REVL) standalone net loss for the first quarter ended June 22 has narrowed down to ₹3.1 crore from ₹5.8 crore.
Total revenue grew by 51% to ₹115 crore from ₹76.0 crore, it said in a regulatory filing.
The company attributed the performance to 50% growth in sales to Indian original equipment customers supported by strong demand across vehicle segments, 55% growth in export sales, strong demand from International customers and 46% growth in sales to Indian aftermarket customers.
“Demand environment remained favourable in Q1. REVL capitalised on the demand and ramped up the output across the plants,” said L. Ganesh, chairman, Rane group.
Asserting that they continued to experience commodity price increase in the quarter, he said, “Demand environment in India looks encouraging for the upcoming quarter. We remain cautiously optimistic given the evolving economic situation globally.”
