Rane Engine Valves announces salary cut

Rane Engine Valves announces salary cut of 10-35% across levels

Rane Engine Valves announces salary cut of 10-35% across levels.


Rane Engine Valves Ltd on Friday said in view of the COVID-19 enforced lockdown disrupting its operations, the company has taken up various cost saving measures including reduction in salaries of up to 35 per cent across various levels, a top official has said.

Rane Engine Valve Ltd, a group firm of Rane Group, is engaged in manufacture of engine valves, guides and tappets and declared its financial results for the quarter ending March 31, 2020 on Friday.

Rane Engine Valve Ltd reported a net loss at Rs 16.3 crore for the quarter under review as against a net loss at Rs 13.6 crore recorded in the same period last fiscal.

Net revenues for the Jan-March 2020 quarter was at Rs 358.1 crore as against Rs 424.9 crore registered same quarter last year.

The city-based company, in a BSE filing, said its sales to OE customers declined by 16 per cent and there was a drop in volume across major segments.

Sales to overseas customers also declined by 13 per cent, it said.

Commenting on the financial performance, Rane Group, Chairman L Ganesh said, “FY20 was a challenging year for Rane Engine Valves Ltd given the volume drop across market segments. The operational improvements helped to partially mitigate the impact of lower volumes.”

He said the COVID-19 pandemic ‘significantly’ affected the business and disrupted the turnaround efforts.

“The company is working on various cost savings initiatives including a management salary reduction of 10 per cent to 35 per cent from junior to senior level employees respectively to reduce the impact”, he said.

The initiatives and a healthy order book position of the company would help turn around once the market recovers, he added.

Rane Group is engaged in manufacturing of auto components for over five decades.

Through its group entities, the company provides steering and suspension systems, friction materials, valve train components among many others.

It serves a host of industry segments including passenger and commercial vehicles, farm tractors, two- wheelers, three-wheelers, railways.

SoftBank agreed on Tuesday to pay more than 10,000 million dollars to acquire WeWork, doubling its investment and paying close Read more

The commercial activity of the euro zone barely grew in October because demand declined, according to a survey published on Read more

Microsoft has struck the table when it won the JEDI contract (acronym for Joint Enterprise Defense Infrastructure) tendered by the Read more

Siemens Gamesa has received a conditional order to supply 140 wind turbines of its most powerful model (11 MW) to Read more

A few years ago Boeing was the most important aeronautical company on the planet. being the most important civil constructor Read more

Tesla will begin delivering the first orders of the Model Y, its new SUV compact SUV, in the first quarter Read more

General Motors has announced that it will invest 1,500 million dollars (1,350 million euros) in the new generation of ‘pick-ups’ Read more

Netflix already has 158.3 million subscribers worldwide, demonstrating its strength in the face of increasing competition. However, its biggest advantage Read more

The aircraft manufacturer Boeing (NYSE: BA) suspends the production of its 737 MAX aircraft, after not obtaining this year, as Read more

Navin Shenoy, the vice president of Intel, said in a statement that “this acquisition advances our artificial intelligence strategy, which Read more

Leave a Reply