Rane Engine hits 20% upper circuit on healthy Q4 earnings

Favourable demand environment in India and strong demand from exports supported the topline growth, chairman L Ganesh has said

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The shares of Rane Engine Valves soared 20 percent to hit their upper circuit at Rs 262.25 on May 4 after the company posted bumper earnings for Q4 FY23.

There were pending buy orders for 21,432 shares, with no sellers available. The scrip traded with volumes of 5,607 shares against its five-day average of 635 shares, an increase of 783 percent.

The manufacturer of engine valves, guides and tappets reported a net profit of Rs 4.9 crore in the March quarter of the financial year 2022-23 against a loss of Rs 0.01 crore in Q4 of FY22.

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Total revenue came in at Rs 136.5 crore against Rs 109.5 crore in the year-ago period, an increase of 24.7 percent.

The company’s operating margin expanded to 12.2 percent in the March quarter from 9.1 percent in the year-ago period.

“The favourable demand environment in India and strong demand from exports supported the topline growth. REVL (Rane Engine Valves) executed several operational improvements and cost saving initiatives which resulted in financial turnaround,” chairman L Ganesh said.

Better capacity realisation through productivity improvements and operational leverage benefits led to a 307 basis points (bps) improvement in profitability, the company said. One basis point is one-hundredth of a percentage point.

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