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Rane Engine Valve fiscal Q1 loss narrows YOY

Rane Engine Valve Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to a loss of 20 Indian paise per share, compared with a loss of 6.65 rupees per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 1.0 million rupees, compared with a loss of 34.3 million rupees in the prior-year period.

The normalized profit margin rose to negative 0.1% from negative 5.6% in the year-earlier period.

Total revenue grew 14.8% on an annual basis to 700.4 million rupees from 610.1 million rupees, and total operating expenses rose 6.1% on an annual basis to 669.4 million rupees from 631.0 million rupees.

Reported net income came to a loss of 1.1 million rupees, or a loss of 21 paise per share, compared to a loss of 307.9 million rupees, or a loss of 59.78 rupees per share, in the prior-year period.

As of July 24, US$1 was equivalent to 60.11 Indian rupees.