Rane Engine Valve Limited Reports Unaudited Standalone Earnings Results for the Third Quarter and Nine Months Ended December 31, 2016
January 25, 2017 at 08:10 am
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Rane Engine Valve Limited reported unaudited standalone earnings results for the third quarter and nine months ended December 31, 2016. For the quarter, the company reported net sales/income from operations of INR 799.920 million compared to INR 804.495 million a year ago. Loss from operations before other income, finance costs and exceptional items was INR 38.695 million compared to INR 69.195 million a year ago. Loss from ordinary activates before tax was INR 52.101 million compared to INR 122.300 million a year ago. Net loss was INR 17.920 million or INR 2.67 per basic and diluted share before and after extraordinary items compared to INR 84.670 million or INR 12.60 per basic and diluted share before and after extraordinary items a year ago. EBITDA stood at INR 33.8 million as compared to INR 8.5 million during third quarter of fiscal year 2016, an increase of 300%.
For the nine months period, the company reported net sales/total income from operations of INR 2,599.769 million compared to INR 2,511.893 million a year ago. Loss from operations before other income, finance costs and exceptional items was INR 110.705 million compared to INR 168.842 million a year ago. Profit from ordinary activates before tax was INR 769.639 million compared to loss of INR 75.817 million a year ago. Net profit was INR 575.398 million or INR 85.64 per basic and diluted share before and after extraordinary items compared to loss of INR 58.903 million or INR 8.77 per basic and diluted share before and after extraordinary items a year ago. EBITDA stood at INR 117.6 million as compared to INR 62.2 million during nine months of 2016, an increase of 89%.
Rane Engine Valve Limited is an India-based company that is engaged in the manufacture and supply of auto components for transportation industry. The Company is involved in the manufacture of engine valves, guides and tappets for passenger cars, commercial vehicles, farm tractors, stationery engines, railway/marine engines, and two/three wheelers. It manufactures components for internal combustion engine industry applicable for stationery and transportation engine applications. Its product categories include engine valves, valve guides, and mechanical tappets. The Companyâs applications include marine applications, diesel engines, tractors, locomotives, battle tanks and automobile industry. The Company has five plants manufacturing engine valves, valve guides, and tappets are located in Chennai (one), Hyderabad (two), Trichy (one) and Erstwhile Kar mobiles in Tumkur (one). It serves various markets, such as railway, defense, and original equipment manufacturer (OEM).