trUIL

Rane Engine Valve Ltd.

REVL

Registered Office:

Tel :044-28112472

" Maithri"

Fax :044--28112449
URL: www.rane.co.in

132, Cathedral Road,

Chennai 600 086.
lndia.
GIN : 174999TN1972P1C006127

I SEt28 t2016-17

October 21.2016

BSE Limited
Corporate Relationship Department,
1st Floor, NewTrading Ring,
P J Towers, Dalal Street,
Mumbai 400 001
Code No.532988

National Stock Exchange of India Ltd.

Listing Department
Exchange Plaza,sth Floor, Plot No.C/1,
'G'Block, Bandra Kurla Complex
Bandra (E), Mumba - 400 0Sl.
Code:RANEENGINE

Dear Sr / Madam,

Sub:

Outcome of Board Meeting held on October 21,2016. under Regulation 30 of SEBI

(Listing Obligations and Disclosure Requirements) Regutations, ZOtS (SEBt LODR)
Ref: Our letter no. REVL/SEI 22 t 2016-17 dated September g, ZOIA
This is to inform that the Board of Directors inter alia approved the unaudited financial results of
thg-Comp?ny for the quarter and half year ended September 30, 2016 as recommended by the
audit committee at their respective meeting(s) held today (october 21,20r6).

The unaudited financial results of the Company for the period ended September 30, 2016 is
enclosed herewith along with the Limited Review Report issued by M/s. Brahmayya & Co.,
Statutory Auditors (Regulation 33).
The extract of the unaudited financial results will be published in newspapers, i.e., 'Business
Standard' and 'Dinamani' in the format prescribed lnegultin +Z.
An earnings release for the quarter and half year ended September 30, 2016 is also enclosed.
(Regulation 30).
The meeting of the Board of Directors commenced at

11

:00 am and concluded at 01 :i 5 pm.

We request you to take the above on record and note the compliance under above referred
regulations of SEBI LODR.

Thanking you.
Yours faithfully
For Rane

?.

mj

P Guh

-t

*l

Secretary
Encl: ala
un-audited financial results for the quarter & half year ended september 30, 2016
Limited Review Report for the period ended September 30, 2016
3. Earnings release for the quarter and half year ended September 30, 2016
1.

2.

Rane Engine Valve Limited

Regd Office: "Maithri", 132 Cathedral Road, Chennai 600 086
visit us at: tvwrv.rane.co.in
GIN

: L74999TN'1 97 2P LCOo6'l 27

Statemenl of Unaudited Financial Results for the Quarter and Half Year ended September 30, 201 5
Financal Year

Half Year ended

Quarter ended

end ed

Partculars

. lncome from ODeretions

(a) Net Sales/lncome from Operations (net of excise duty)

30.09.201 6

30.06.201 6

30.09_201 5

Unaudted

Unaud ited

LJnaudited

Totel expense6
Profrt / (Loss) from Operatons before Other lncome,finance costs

3.

6.
7.
8.
9.
1

& exceptonal ltems (1-2)

Other lncome

34,244.2(

9,070.4

8,579.Et

17,998. 49

17,073.9f

141.63

160.5:

181 .9(

302. to

368.9{

715.7(

9,069.63

9,231.O2

8,761.8

8,300.6

17,442,9/

34,959.9(

3,071.79

3,O21.5i

3,057.6

6,093. r

6,204.9t

2't3.48

151.0

83.5(

364. 5i

421.4"

37.66)

319.07

109.5f

'181, 41

(209.21

840.66

2,424.40
702.30
3.417.43

2,296.61
706.5
2.822.4?

2,4't1.7t

4,721.O1

4,70g.2i

s,537.77
2,753.82
1 1.601.83

9,691.74

(1

Finance Costs

19,009.0!

18,439.1(

37,317.5,

(625.24

(708.44"

(996.46

(2,387.65)

26.99

21.38

100.9f

't48.31

187.8t

295.02

(4s5.12)

(64.ss)

(524.25

(560.071

(808.2

(2,0s2.63)

280.46

332.08

371.6

6'12.54

716.3"

1,422.08

(775.58)

(3e7.03)

(895.91

('t,172.6't"

(1,524.94

(3,511.71)

(764.14

9,390.0(

1 0o 7(

(1,660.05

8,217.39

464.8t

8,614.42

661.48

2. Elrtraordnary ltem (net of tax expense.)

3. Net Proft / (Loss) for the period

(1 1

(3e7.031

1,760.'t4

'l

-l 2)

14. Paid-up equity share capital

(Face Value of Rs.10/- per share)

1 ,346.4(
5,966.6i

9,387.0{

Profit / (Loss) from ordinary activties before tax (7+8)

AF

,40E.6

732.94

(86.33)

9,390.00

1. Net Proft / (Loss) from Ordinary Activties after tax (9-10)

6 239

1,880.53

9.31 7.35

Profit / (Loss) from ordinary actvties after finance costs but

before Exceptonal ltems (5-6)
Exceptional ltems (Refer Note:4)

0. Tax exoense
(a) Cunent tax (net of MAT credit)
(b) Detened tax
(c) Relating to Earlier Years

679.8(
2.944.7

(622.11)
1

Proft / (Loss) from ordnary activtes before fnance costs &

exceptionl ltems (3+4)

Unaudited

3l.03.2016
Audted

ExDenses
(a) Cost of materals consumed
(b) Purchase of stock-in-trade
(c) Changes in nventories of finished goods, work-n-progress
and stock-in-trade
(d) Employee benefts expenses
(e) Depreciation and amorlsaton expense
(f) Other Expenses

4.
5.

30.09.201 5

8,928.00

(b) Other Operating lncome

Total ncome from operations (net)

30.09.201 6
U naud ted

(1

37.40)
(0.48)

(329.71
(79.11

1,760.'t4
524.08
(0.48)

't,748.71
(1,766.00

91 .4f
1

15.6{

(51 1.96

0.4

6,192.80

(2se.r 5)

(1,251.11

5,933.65

257.61

(1,254.47

6,192.80

(25e.r 5l

257.61

(1,254.47

671.9C

11,251.11
671 9(

5,933.65

671 90

671

671 9(

9C

671.90

5. Reserve excluding Revaluation Reserves as per balance sheel

of previous accounting year

9,622.54

16. Eamings per share (of Rs.10/- each) (not annualised) ( in Rs.)
. Earnings Per Share before extraordnary tems

(a)
(b)

Basic
Diluted

92.17

(3.86j

(18.62

88.31

3.8r

(1

8.67)

92.'t7

(3.861

(18.62

88.31

3.8r

(1

8.67)

92.17

(3.861

(18.2

88.31

3.8.

(1

8.67)

s2.17

(3.861

(18.62

EE.31

3.E

(18.67)

. Earnngs Per Share after extraordnary tems

(a)
(b)

Basc
Dilured

For Rane Estnevatvf

)lmited

4Y.
at
: October 21, 2016

/[

Ganesh

charman & Managi{{ Director

Rane Engine Valve Limited

Regd Offlce: "Malthr", 132 Cathedral Road, Chenna 600 086
vst us at httD://rane.co.n
CIN

: L74999TN I 972P

LCOO61

?7

Statement of Unaudited Finencal Results for the Quarter and Half Year ended Septemer 30,

201 6

1. Sttement of Assets and-Liablities

EOUITY AND LIABILITIES

Shareholde's funds
671.90

(a) Share captal

(b) Reserues and surplus

(c) Money received aginst share warrants

Sub-total . Shareholders' funds

2 Equty Share Capital pending allotment pursuant to scheme of merger

3 Non-curentllabllltles
(a) Long-term borrowings
(b) Deferred tax llabilties (net)
(c) Other long-term liabilities
(d) Long-term provisions
Sub-total - Non.current llablltes

4 Curent

llabilties

(a) Short-term borrowings

5,506.73

(b) Trade payables

3,663.17

(c) Other current liabilities

(d) Shortlerm provisions

4,372.59

Sub.total - Current labiltes

TOTAL EQUITY AND LIABILITIES
ASSETS

Non-current assets
(a) Fixed assets
(b) Non-current investments

(c) Deferred tax assets (net)

(d) Long{erm loans and advances
(e) Other non-current assets

Sub.total - Non-current assets

Curtent asseta
(a) Current lnvestments
(b) lnventories

4,720.85

(c) Trade rscevablss

6,O28.76

(d) Cash and cash equvalents

164.22

(e) Short{erm loans and advances

936.08

(f) Othr current assets

Sub-total - Current assetg

TOTAL ASSETS

fnancial results were revewed by the Audt Commttee and approved by the Board of Drectors at ther respective
meetings held on October 21, 2016 and have been subjected to limited revew by the statutory audtors.

2. The aove

3. The above results has bBen prpared in accordance with the recogntion and measurement princples laid down n
Accountng Standards for lnterem Financial Rportng (AS25),prescribed under Section 133 of the Companies Act, 2013 read
with relavent ruls ssued theieundr and othr accounting principles generally accepted n lndia

4.

Exceptional items include the following:

(i) Proft on sale of land of Rs.9,390 lakhs for the quarter ended and half year ended SePtember 30, 2016.
(ii) Voluntary Rtiremnt Scheme expendture
(i)

5.

of Rs 1005.22 lakhs for the year ended March 31,2016

Proft on sale of land of Rs.2,753.93 lakhs for the half year ended September 30, 2015 and for the
year ended March31, 2016.

Previous year / period figures have been regroupd wherever necessary to conform to current year / periods' presentaton.
The Company operates only n one segment, namely, components fol transportation ndustry

7. The above Financal Results are avalable on the Stock Exchange websts w.bseindia.com
the company's webst- w.rane.co.n

tu

and

w.nseindia.com

and on

Format for Newspaper Publishing Purpose

FF

ETUI[l

Rane Engine Valve Limited

Regd. Office : " MAITHRI ", 132, Cathedral Road, Chennai - 600 086
visit us at: vrnryw.rane.co.in CIN: L74999TN1972PLC006127

Rs.n lakhs

Extract of Standalone Unaudited Financial Results for the Half year ended September 30,-2016
Half Year
Quarter
Quarter
ended
ended
Particulars
ended
S.No
30.09.2016

30.09.2016

30.09.2015

Unaudited

Unaudited

Unaudited

Total income from operations (net)

9,069.63

18,300.65

Net Profit / (Loss) from ordinary activities after tax

6,192.80

5,933.65

(1,251.11)

Net Profit / (Loss) for the period after tax

(after Extraordinary items)

6,192.80

5,933.65

(1,251.11)

671.90

671.90

671.90

671.90

671.90

671.90

92.17

EE.31

(1E.62)

92.17

88.31

(18.62)

92.17
92.17

88.31

(18.62)
(18.62)

Equity Share Capital

Total equity share capital

8,761.81

Reserves (excluding Revaluation Reserve as shown in the

Balance Sheet of previous year ended 31-03-2016 )

Earnings Per Share before extraordinary items

(of Rs.l0 each)
(a) Basic
7

(b) Diluted:
Earnings Per Share after extraordinary items

(of Rs.10/- each)

(a) Basic :
(b) Diluted:

88.31

Note:

"'

The financial results were reviewed by the Audit Committee and approved by the Board of Directors at their
respective meetings held on October 21,2016 and have been subjected to limited review by the statutory auditors.

/ Annual Financial Results filed with the Stock

Exchanges under Regulation 33 of the SEBI (Listing and Other Disclosure Requirements) Regulations,2015. The

The above is an extract of the detailed format of Quarterly

full format of the Financial Results are available on the Stock Exchange websites www.bseindia.com

and

www.nseindia.com and on the company's website- vuivw.rane.co.in

Net profit includes profit on sale of land of Rs.9,390 lakhs for the quarter ended and half year September 30, 2016.

For Rane Engine VaF4 Limited

Chennai
Dated : October 21,2016

,/-il'fft e^nr"n
Chairman & Managlftg Director

Brahmq4/a&Go.
Chartered Accountants

Limited Review Report of unaudited Financia! Results

for the quarter ended 30th September, ZOL6
To,

The Board of Directors

Rane Engine Valve Limited

Chennai

We have reviewed the accompanying statement of unaudited financial results of Rane Engine
Valve Limited for the period ended 30'n September, 2016. This statement is the responsibility
of the Company's Management and has been approved by the Board of Directors" Oun
responsibility is to issue a report on these financial statements based on our review.
We conducted our review in accordance with the Standard on Review Engagement (SRE) 2410,
Review of lnterim Financial tnformation performed by the tndependent Auditor of the Entity
issued by the lnstitute of Chartered Accountants of lndia. This standard requires that we plan
and perform the review to obtain moderate assurance as to whether the financial statements
are free of material misstatement. A review is limited primarily to inquiries of company
personnel and analytical procedures applied to financial data and thus provides less assurance
than an audit. We have not performed an audit and accordingl we do not express an audit
opinion.
Based on our review conducted as above, nothing has come

to our attention that causes us to

believe that the accompanying statement of unaudited financial results prepared in accordance
with applicable accounting standards and other recognized accounting practices and policies
has not disclosed the information required to be disclosed in terms of Reguiation 33 of the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2OL5 including the manner in
whch it is to be disclosed, or that it contains any material misstatement.

For BRAHMAYYA & CO.,

CHARTERED ACCOUNTANTS

No:0005115

Date: 21't october, 2016

Place: Chennai

48, Masilamani Road, Bataji Nagar, Royapettah,

Chennai - 600 014. lndia.

15590

+91

044 - 28131128138148

E: mail@brahmayya.com

- 044 - 2813 1158

F: +91

www.brah mayya.com

ehennai, rd, Octoben 2'1, 2016

RANEENGINE; BSE Code:532988),

BUSIf{ $S t"ilGt"tLlGl{T$

Rane Engine Valve Limited (NSE:

leading manufacturer

of

F{ANCIAL PRFORMAruC

Engine

Valves, Guides and Tappets today announced financial performance for the

EBITDA Margns

1.8%

90.7 3.5o/o
2.1 33,2Yo
2.3% 51 bps

PAT

-12.5

61.9

Total Oratng lncor

174.4

183:0

4,9o/o

5.4

8,5

57.80/o

3.1%

4.6%

2.6

5i.3

second quarter (o2 FY17) and six months (H1 FY17) ended september 30th

Totl Operating lncon

2A16

EBITDA

82FY17 Performance

87.6

Total Operating lncome was 190'7 Crore for Q2 FY17 as compared

to t87.6 Crore in the Q2 FY16, an increase of 47o

EBITDA stood at {2.1 Crore as compared to T1.6 Crore during Q2

FY16, an increase of 33.2o/o

.
n

EBITDA Margin at2.3o/o for Q2 FY17 as against 1.8% in Q2 FY16

Net profit (PAT) stood at T61.9 Crore for Q2 FY17 as compared to a

EBTI-DA

EBITDAMargins
PAT
(ln

{ Cro, unles

olhery menloned)

loss of {12.5 Crore in Q2 FY16

Hl

FY17 Performance

BJSrNSS SPLIT {e2

Total operating lncome was {183,0 crore for H1 FY17 as compared

'

FYX 7)

BY MARKET (%)

to1174.4 Crore in the H1 FY16, an increase of 5%

"

EBITDA stood at {8,5 Crore as compared to {5.4 Crore during H1

lntlAflemarket,I

FY1, an increase of 57.8%

.EB|TDAMarginat4.6o/oforHlFYlTasagainst3.lo/oinH1FY16

Net profit (PAT) stood at {59.3 Crore for H1 FY17 as compared to

{2.6 Crore in H1 FY16

Operating Highlights for Q2 FY17

'

REVL experienced strong demand from lndian and lnternational

passenger car OEMs

REVL had loWer offtake in both lndia and lnternational Afterrnarket

segment

"

BY VHICLE SEGMENT (%)

The increase in other expenses is primarily attributed to asset writeoff based on the technical obsolescence and unusable assets

FT,12

SCV&LCV,5

arising out of shutting down of Alandur and Peenya plants

REVL had exceptional income of {93.9 Crore on accounl of profit on

sale of remaining portion of Alandur land

MANAGMEI{T CMMNT
Ril&
Othe,16

"REVL c:o,ntinued to improve its operatio:nal performa:nce'. Our debottlenecking

efforfs to improve ptant production hetped us capitalize on strong demand in
select markef segmenfs, We were able to reduce the opefational /oss with our
focuse:d efforts on ma{eriat cost reduction, and'stringent fixed cost reduction'
These initiatives will continue in the upcoming quaers to inprave operational
efficiency and deliver profrtable grov'rth" - L' Ganesh, Chairman' Rane Group

zWW,24

RANEENGINEVALVELIMITEDIwww.RANEGRoUP'coMIQ2FY20ITEARNINGSRELEASEIPAGE1oF2

lr,

156 bps

PROFIT AND LOSS AECOU${T

170.7
3.7
174.4

lncome from Operations

89.3

90.7

-2%

85.8

4%

180.0

Oher Operating lncome

1.4

1.6

-12%

1.8

-22%

3.0

Total Operating lncome

90.7

92.3

-2o/o

87.6

4%

183.0

30.7

30.2

2To

30.6

OYo

60.9

62.0

-2Yo

1-8

16%

3.6

42

-13Yo

5o/o

-18o/o
5o/o

F-rpefisEs
-Cost of lt/aterial Consumed
qf

2.1

1.5

4|Yo

-Changes in inrrentories

-1.4

3.2

-143%

1.1

-226%

1.8

-2.1

187o/o

-Emptolee Benefit Eryense

24.2

23:t

/"

24.1

t%

47.2

'47.1

/,

7.0

Lt

-1%

6.8

3o/o

't4.1

13.5

Yo

34.2

28.2

21To

29.4

t6Yo

G2.4

s9.7

SYo

96.9

93.2

4%

93.9

3%

190.1

184.4

3Yo

-6.3

to/

a.t

-10.

29o/

1.0

26Yo

1.5

1.9

-21%

3;V

15To

1+a/o

-Furchase

stock-in-fade

-Depreciation &

Am

ortiation

'Other Eryenditure
Total Expenses

8.2

4.9

-"G270/

Olher lncome

1.3

0.2

494To

.Finance Gosb

2,8'

3;3

'76/o

EBfT

Acfoqhr lncone

Exceptional ltem

93.9

PRT

'86;1.

TaxElense

24.2

6t..9

PAT
(tn

"4.
-1.4

6:'l'

7.2

-7.6

93.9

19.9

-16.6

422

l';6'

4.1

22.8

2.1

.{2.5

59.3

2:6

-2.6-

Crore, unless otherwise mentioned)

KEY tsALANC SHEET ITM$

Shareholders Fnd

162.3

102.9

59.3

Non-current liabilities

45.0

68.7

-23.7

jLong:lTfi b-onowin-gs

36.6

ot.c

-24.9

10r.6

137.7

-36.2

-27:6

Current liabilities
JShft:t.R'n bonowings

275

55.1

papbles

27.1

-9.6

309:3

--o5

-Trade

Toll Liabilits
Non-current assets
-Fixed asse

-Non-cunent investn ents

Current assets
- ln\ntories
-Trade receivables

-Cash and cash eq.uivalents

TotalAssets

308.8

161.5 186.4
146.9 164.3
0.6
0.6
147.3 122.9
45.3 47 .2
64.8 60.3
1.6
3.4
308.8 309.3

-24.5

-17.4
-0.0

24'4
-1.9

4.5
1.7

'0'5

0n ? Arore)

,4BflTJT RAN N6IJE VA[-V Lfu}!TtrD

AffiUT RAI{ GRTIJP

in Chennai, lndia, Rane Group is engaged prmarily n

Established in 1959, Rane Engine Valve Limited (REVL) is part of the Headquartered
corponerts for well over five decades' Rane.roup
auto
marufacturing
out
bassd
cornponentgroup
auto
ateding
Cornpanies,
of
RaneGroup
to major OEMs in lndia and abroad' Through its
prefened
suppler
is
a
guides
and
valve
valves,
of Chennai. REVL manufactures engine
steig nd susnsio systems'
it
mnufctis
group
comais,
teppt br vrious lc ngie pplcations. REVL is irket ldr in
Occupant safety system,s'
components,
train
Valve
materals,
riction
of
segments
to
all
caters
REVL
markets.
lnOian OEM and replacement
Wring hamesses' ltb
Aerospace
prodircts
and'
ie-casting
rade
stationary
3W'
automobite induslris suih as PV, CV, Tractors, 2W;
Passenger
segments-including
of
industry
variety
a
products erve
engines, railways and marine engines.
Vehicls, Cmmercial Vehicles, Farm Tractrs, Two-wheelers, Threewheelers, Railways and stationery Engines.
IF YOU HAVE ANY QUESTIONS OR REQUIRE FURTHER INFORMATION,
pLEASE FEEL FREE TO CONTACT: tNVE$T0RSERVtCES@RANEGROtf P.COM 0R DPINGI-E@CIIRNSTENSENIR.COn
puP]! up!a!9 ltl9le!9.!:l/-4

RANEENGINEVALVELIMTEDIWWW.RANEGRoUP'co[,iIo2FY2017ARNINGSRELEASEIPAGE2oF2