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Rane Engine Valve swings to loss in fiscal Q4

Rane Engine Valve Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 came to a loss of 5.71 Indian rupees per share, compared with 4.54 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 38.4 million rupees, compared with income of 23.4 million rupees in the prior-year period.

The normalized profit margin declined to negative 1.9% from 3.0% in the year-earlier period.

Total revenue rose on an annual basis to 1.99 billion rupees from 775.7 million rupees, and total operating expenses climbed from the prior-year period to 1.98 billion rupees from 690.8 million rupees.

Reported net income grew year over year to 270.6 million rupees, or 40.28 rupees per share, from 24.8 million rupees, or 4.80 rupees per share.

For the year, the company's normalized net income totaled a loss of 10.75 rupees per share, compared with a loss of 4.06 rupees per share in the prior year.

Normalized net income was a loss of 72.3 million rupees, compared with a loss of 20.9 million rupees in the prior year.

Full-year total revenue increased 48.6% from the prior-year period to 3.95 billion rupees from 2.66 billion rupees, and total operating expenses rose 53.6% year over year to 3.90 billion rupees from 2.54 billion rupees.

The company said reported net income totaled 234.8 million rupees, or 34.94 rupees per share, in the full year, compared with a loss of 290.9 million rupees, or a loss of 56.47 rupees per share, the prior year.

As of June 25, US$1 was equivalent to 63.52 Indian rupees.