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Rane Engine Valve fiscal Q2 loss narrows YOY

Rane Engine Valve Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 came to a loss of 52 Indian paise per share, compared with a loss of 1.42 rupees per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 2.7 million rupees, compared with a loss of 7.4 million rupees in the year-earlier period.

The normalized profit margin rose to negative 0.4% from negative 1.1% in the year-earlier period.

Total revenue increased 5.2% year over year to 674.4 million rupees from 641.1 million rupees, and total operating expenses grew 5.6% from the prior-year period to 650.8 million rupees from 616.3 million rupees.

Reported net income came to a loss of 2.8 million rupees, or a loss of 55 paise per share, compared to a loss of 4.9 million rupees, or a loss of 95 paise per share, in the year-earlier period.

As of Oct. 24, US$1 was equivalent to 61.16 Indian rupees.