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Home arrow News arrow Auto component arrow Rane Engine Valve Ltd records 56% growth in domestic Replacement market
Rane Engine Valve Ltd records 56% growth in domestic Replacement market Print E-mail
Written by Anand   
Thursday, 23 July 2009
Chennai: Auto Component manufacturer, Rane Engine Valve Limited, a part of the Rane Group, achieved 56% growth in domestic Replacement market for the quarter ended June 30, 2009.

The company has commenced supplies to the new generation BSIII engines of Tata Cummins and engine valves for Ritz of Maruti Suzuki. Volkswagen has awarded two new engine businesses for which part supplies have commenced from Tiruchy plant and part supplies for one more engine will commence from fourth quarter of this year.

In its financial results for the quarter ended June 30, 2009, the company's profit after tax was down at Rs.0.12 crores as against Rs.1.21 crores recorded in the same period last year.

The company's new plant at Tiruchy, Tamil Nadu which has commenced production is expected to break even within 12 months from now. The incremental depreciation and interest of the new plant at Tiruchy also affected the profitability.

It's domestic OE and Exports business were down by 2% and 19% respectively. The export market, mainly Europe was severely affected due to the global economic meltdown. The extreme volatility in input costs and foreign exchange affected the profitability. 

 
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