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Rane Engine Valve fiscal Q2 loss widens YOY

Rane Engine Valve Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 came to a loss of 8.33 Indian rupees per share, compared with a loss of 52 paise 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 56.0 million rupees, compared with a loss of 2.7 million rupees in the prior-year period.

The normalized profit margin dropped to negative 6.4% from negative 0.4% in the year-earlier period.

Total revenue increased 29.9% year over year to 876.2 million rupees from 674.4 million rupees, and total operating expenses climbed 44.2% from the prior-year period to 938.7 million rupees from 650.8 million rupees.

Reported net income came to a loss of 125.1 million rupees, or a loss of 18.62 rupees per share, compared to a loss of 2.8 million rupees, or a loss of 55 paise per share, in the year-earlier period.

As of Oct. 26, US$1 was equivalent to 64.84 Indian rupees.