Shares of this microcap ancillary company increased by 4.9 percent after the company announced results for Q1FY24 and reported 1,135 percent growth in profits year on year (YOY).
At 01:05, 31th October shares of Rane Engine Valve Ltd were trading at Rs. 323.50 per share, up by 4.99 percent from previous closing price of Rs. 308.10 per share. The company has a market capitalization of Rs. 221.05 crores.
Such bullish stock price movements were observed after the company announced results for Q2FY24 in which company reported revenue growth of 16.5 percent YOY to Rs. 143.7 crores in Q2FY24 from Rs. 123.3 crores in Q2FY23 in the same time period, net profit increased exponentially by 3794.4 percent to Rs. 1.5 crores from a loss of -0.04 crores.
Looking at the profitability ratios, the company reported return on equity (ROE) of -0.06 percent and return on capital employed (ROCE) of 4.6 percent in the last financial year.
The company’s promoters possess roughly 58.32 percent of the shares, while public own 41.25 percent, leaving the remaining 0.43 percent with Domestic Institutional Investors (DIIs).
Incorporated in 1959, Rane Engine Valve Limited (REVL) is a subsidiary of the Rane Group of Companies, a prominent automotive component group headquartered in Chennai. REVL specialises in the production of engine valves, valve guides, and tappets designed for a wide range of internal combustion engine applications.
The company serves diverse sectors within the automotive industry, including both Passenger Vehicles and Commercial Vehicles.
Written by: Vinit Israni
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