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Covid 2nd wave and lockdown to impact Q1: Ganesh, Rane Group

punjabnewsline | May 19, 2021 07:04 PM

CHENNAI: The intense Covid-19 second wave and the lockdown is expected to impact growth in the first quarter of this fiscal, said L.Ganesh, Chairman, Rane Group.

Announcing the results for engine components maker Rane Engine Valve Ltd (REVL) Ganesh said: "The demand environment remained favourable in the Q4 FY21 helping REVL post strong revenue growth."

"The intensity of second wave and resultant lockdown is likely to impact the growth in Q1 FY22. We continue to prioritise safety of our employees and focus on cost management to navigate the challenging times," Ganesh said.

The company closed last fiscal with a total revenue of Rs.304.9 crore and a net loss of Rs.6.1 crore as against a revenue of Rs.358.1 crore and a net loss of Rs.16.3 crore posted during FY20.

The net loss for FY21 came down on the back of an exceptional item, that, is, Rs.22.2 crore, profit on sale of an asset.

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