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Rane Engine Valve fiscal Q3 loss widens YOY

Rane Engine Valve Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, amounted to a loss of 9.13 Indian rupees per share, compared with a loss of 5.86 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 61.3 million rupees, compared with a loss of 30.2 million rupees in the prior-year period.

The normalized profit margin declined to negative 7.5% from negative 5.1% in the year-earlier period.

Total revenue grew 39.5% year over year to 820.1 million rupees from 587.8 million rupees, and total operating expenses climbed 48.3% year over year to 889.2 million rupees from 599.8 million rupees.

Reported net income totaled a loss of 84.7 million rupees, or a loss of 12.60 rupees per share, compared to a loss of 31.9 million rupees, or a loss of 6.19 rupees per share, in the prior-year period.

As of Jan. 27, US$1 was equivalent to 68.10 Indian rupees.