Rane Engine Valve Ltd. has posted a net profit of ₹14 crore in the third quarter ended December 2020, against a net loss of ₹5 crore in the year-earlier period on account of higher sales. Total revenue stood at ₹93 crore (₹83 crore). The financial performance also included an exceptional item of ₹23.49 crore (income from profit on sale of land and VRS related expenditure), the company said in a regulatory filing.
“There was a strong recovery in demand in Q3,” said chairman L. Ganesh. “The plants improved output despite challenges in manpower and raw material availability. The operational performance continued to improve,” he said.
“Better fixed cost control helped to improve margins. The demand environment remains robust barring volatility in customer schedules as they experience supply constraints on certain components,” he added.
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