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Rane Engine Valves reduced its net loss to ₹1.79 crore for the quarter ended December 30, 2016, when compared with a net loss of ₹8.47 crore in the year-ago period, on the back of better operating performance.
EBITDA stood at ₹3.38 crore when compared with ₹0.85 crore in Q3 of previous fiscal, an increase of 300 per cent. EBITDA margin stood at four per cent for Q3 of this fiscal against one per cent a year-ago.
“Continued focus on operational cost reduction and lower finance costs helped in reducing the loss for the quarter,” according to a statement.
Total operating income fell marginally to ₹81.14 crore from ₹82.01 crore a year-ago.
“We had a challenging Q3 given the impact of demonetisation on our business. However, despite lower revenues, our initiatives continued to yield improvement in operating performance as demonstrated in the financial results,” said L Ganesh, Chairman, Rane Group.
“As we move forward, we anticipate pick up in demand driven by revival of two-wheeler segment and scheduled new launches. We remain optimistic on business and will continue to work towards improving our operating performance,” he added.
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