Rane Engine Valve reports Q2 net loss at Rs 4.10 cr

: Auto-component manufacturer Rane Engine Valve Ltd has clocked a net loss of Rs 4.10 crore for the Q2 period ending September 2018.

The city-based Rane Group company had witnessed a net loss of Rs 2.40 crore during the year ago period.

For the half-year period ending September 30, 2018 net losses slipped to Rs 8.50 crore from Rs five crore registered during the same period last year.

Total net revenue for the second quarter ending September 30, 2018 grew to Rs 107.80 crore from Rs 94.10 crore registered during the year ago period.

For the half-year period ending September 30, 2018 total net revenue grew to Rs 210.90 crore from Rs 183.10 crore registered last year.

In a press release, the company said domestic aftermarket sales declined by six per cent during the quarter ending September 30, 2018. The EBITDA (earnings before interest, tax, depreciation and amortization) margin declined by 238 basis points due to unfavourable product mix, increase in raw material cost.

"We experienced inflationary pressure on commodity and employee cost. The (manufacturing) plants improved the operational performance particularly on delivery and lower internal rejections", Rane Group Chairman L Ganesh said.

"We continue to work on operational improvement initiatives and mitigate margin pressure through improved performance in upcoming quarters", he added.