: Rane Engine Valve Ltd, part of the diversified conglomerate Rane Group on Wednesday said it recorded a net loss at Rs 3.69 crore for the second quarter ending September 30, 2019.
The city-based manufacturer of engine valves had recorded a net loss at Rs 4.11 crore during the corresponding quarter of the previous year.
For the half year ending September 30, 2019, the net loss stood at Rs 7.93 crore against Rs 8.46 crore registered a year ago.
Total revenue for the July-September quarter slipped to Rs 94.58 crore from Rs 107.79 crore registered a year ago.
For the six month period ending September 30, 2019, total revenue was Rs 198.64 crore compared to Rs 210.88 crore registered a year ago.
"REVL had a challenging quarter with significant drop in volumes across segments. The plants continued to improve on operational performance. The unprecedented drop in demand has set us back on the turnaround plan", Rane Group Chairman, L Ganesh said.
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