Rane Engine posts Q3 net loss at Rs 5 crore

The total net revenue for the nine-month period ending December 31, 2019 stood at Rs 281.6 crore against Rs 318.4 crore registered a year ago.

The company, in a statement, said sales to the Indian original equipment customers during the quarter ending December 2019 declined by 19 per cent while sales to overseas customers slipped 20 per cent.

The steep drop in volume resulted in a drop in EBITDA which was partially mitigated by favourable raw material price and operational performance improvement.

"The volme drop in domestic market and lower schedules from international customers posed significant challenge to the turnaround plan," Rane Group chairman, L Ganesh said.

The management continued to work on various operational improvement and cost reduction projects which helped to partially mitigate the impact of steep volume drop, he said.

The company continues to see traction on new business pursuits helping a turnaround plan once demand environment improves, he said.