Rane Engine Valve, a leader in the engine vales segment in India, on Thursday reported a massive jump of 149% in its standalone net sales at Rs 754 million for the quarter ended June (Q1 FY22). The company had posted a net profit of Rs 303 million during the corresponding quarter of last fiscal.

EBITDA stood negative at Rs. 23 million in June 2021 from Rs. 165 million in June 2020. Drop in EBITDA due to lower volumes and increase in material cost and employee cost.

The Company's net loss stood at Rs 58 million for Q1 FY22 compared to loss of 163 million in Q1 FY21.

"Q1FY22 was an eventful quarter with the country weathering the second wave of coronavirus. REVL plants operated during the quarter with all COVID protocols. Demand environment in India looks encouraging for the upcoming quarter. The commodity price increase remains a concern," L. Ganesh, Chairman, Rane Group said.

Shares of the company gained Rs 15.50, or 4.75%, to settle  at  Rs 341.70.  The total volume of shares traded  was  5,665 at  the BSE (Thursday).