Rane Engine Valve Ltd has reported a net profit of ₹4.9 crore for the fourth quarter ending March 31, 2023, the company said on Saturday.
Total revenue during the quarter under review surged by 24.7 per cent to ₹136.50 crore from ₹109.50 crore registered in the same period last year.
The city-based manufacturer of engine valves reported a net loss at ₹0.01 crore during the January-March 31,2022 quarter.
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For the year ending March 31, 2023 the net loss stood at ₹0.1 crore as compared to a net loss at ₹11.9 crore registered last financial year.
Total revenue for the year ending March 31, 2023 grew by 29.8 per cent to ₹499.6 crore from ₹385 crore registered in the same period of the previous financial year.
On the operating performance during the quarter ending March 31, 2023, the company said sales to domestic customers rose by 28 per cent ‘supported by strong off-take from passenger vehicle and commercial vehicle’ customers.
Exports grew by 27 per cent as demand from overseas customers remained ‘strong’, it said.
Better capacity realization through productivity improvements and operational leverage benefits resulted in 307 basis points improvement in EBITDA margin, the company said.
“I am glad to report the financial turnaround of REVL driven by strong topline growth and improved operational performance. The favorable demand environment in India and strong demand from exports supported the top line growth,” Rane Group Chairman L Ganesh said.
“REVL implemented several operational improvements and cost saving initiatives which resulted in financial turnaround. REVL continues to prioritise operational improvement projects including capacity optimization for sustaining and improving the performance,” he said.