Rane Engine Valve stock declines over 3% post Q1FY23 numbers

20 Jul 2022 , 12:51 PM

Rane Engine Valve Limited, a leading manufacturer of Engine Valves, Guides and Tappets on Wednesday has announced financial performance for the first quarter (Q1 FY23) ended June 30, 2022.

Q1 FY23 Performance

• Tota revenue was Rs115 crore for Q1FY23 as compared to Rs76 crore in the corresponding year, which is increased by 51.3%
• EBITDA stood at Rs2.3 crore compared to Rs(2.3) crore during Q1FY22
• EBITDA Margin at 2.0% for Q1 FY23 against -3.0% in Q1FY22
• Net Loss stood at Rs3.1 crore for Q1FY23 compared to Loss of Rs5.8 crore in Q1FY22

Operating Performance for Q1 FY23

• Indian OE customers sales grew 50% supported by robust demand across vehicle segments.
• Export Sales grew 55%. Demand from International customers remained strong.
• Sales to Indian Aftermarket customers grew 46%.
• EBITDA margin improved by 500 bps due to operational leverage on higher volumes irrespective of higher material prices and unfavourable product mix.

“Demand environment remained favourable in Q1 FY23. We continued to experience commodity price increase in the quarter.

Higher volumes helped to improve operational performance. Demand environment in India looks positive for the upcoming quarter. We remain cautiously optimistic given the evolving economic situation globally”, said L Ganesh, Chairman of Rane Group.

At around 12:53 PM, Rane Engine Valve was trading at Rs230.05 per share down by Rs7.75 or 3.26% from its previous closing of Rs237.80 per share on the BSE.