Rane Engine Valve Ltd. (REVL) standalone net loss for the quarter ended December has narrowed down to ₹1.8 crore from ₹3 crore in the year-earlier period due to strong sales volume.
Sales to India original equipment customers grew 26% supported by strong off-take from passenger vehicle and non-automotive customers. Export sales grew 31%. Demand from international customers remained strong. Sales to Indian aftermarket customers grew by 10%, the company said in a regulatory filing.
Revenue from operations rose to ₹124 crore from ₹98 crore.
The result included exceptional items of ₹48 lakh towards voluntary retirement expenditure and ₹2 crore for provision of customer quality claims.
“Though the demand environment in India remains strong, we remain cautious given the evolving economic scenario across major global economies,” said L. Ganesh, chairman, Rane Group.