Rane Engine Valve Ltd, (REVL), a leading manufacturer of engine valves, guides and tappets, net loss for the quarter ended June widened to ₹16.3 crore from ₹4.2 crore in the year-earlier period.
During the quarter, entire April and half of May were lost owing to COVID-19-led lockdown and hence, the results were not comparable, said the company in a statement.
“We are experiencing positive momentum in the demand environment,” said L. Ganesh, chairman, Rane Group.
“However, we remain cautious on the recovery to pre-COVID-19 levels given the partial lockdown measures continuing in several places. We continue to execute cost reduction and operational improvement initiatives to reduce the impact of lower volume,” he added.
REVL continues to see traction in business development efforts and the order book remains healthy. The company has availed the moratorium facility offered by banks in a bid to restrict cash outflow and it does not foresee major challenges in meeting its financial obligations, said Mr. Ganesh.
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