Rain Industries declines 3% on weak March quarter earnings

The firm reported a net profit of Rs 105.30 crore in March quarter, down 62 percent from Rs 277.40 crore a year ago. Revenue for the period stood at Rs 5209.30 crore, up 18 percent from last year.

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Shares of Rain Industries Ltd fell nearly 3 percent on May 10 after the company reported a 62 percent on-year drop in its net profit for the March quarter.

At 10.25am, the stock was trading at Rs 152.50 on the BSE, down 2.7 percent from its previous close, while the benchmark Sensex fell 0.15 percent to 61,669 points.

The firm reported a net profit of Rs 105.30 crore for the March quarter, down 62 percent from Rs 277.40 crore a year ago. Revenue for the period stood at Rs 5209.30 crore, up 18 percent from last year.

EBITDA declined nearly 33 percent to Rs 537 crore. EBITDA margin fell nearly 580 basis points during the quarter to Rs 13 percent from 18.8 percent last year.

The EBITDA of the Carbon segment declined primarily due to higher raw material prices. However, this decrease was partly mitigated by increased volumes, improved realizations, and the appreciation of the USD and EURO against the Indian Rupee.

Similarly, the EBITDA of the Advanced Materials segment experienced a decrease. This decline was primarily a result of reduced volumes due to temporary facility shutdowns. However, it was partially offset by higher realizations and the appreciation of the USD and EURO against the Indian Rupee.