Rain Industries share hits lower circuit on reporting Rs 97 crore net loss in Q4

Rain Industries’ shares fell over 14% to Rs 171.40 on the BSE in Monday’s intra-day trade after the company reported a consolidated net loss of Rs 97 crore in the December quarter, compared to a profit of Rs 307 crore the previous year.

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However, the company’s net sales increased by 52% to Rs 4,026 crore in the quarter, up from Rs 2,640 crore in the same period the previous year, while adjusted EBITDA increased by over 13% to Rs 541 crore. The EBITDA margin fell to 13.4% from 18.2% in the year-ago quarter. The company’s fiscal year runs from January to December.

Profit before tax fell 49.8% to Rs 223.46 crore in the fourth quarter compared to the year-ago period, according to the company.

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Finance expenditures were recorded at Rs 119 crore, down from Rs 124 crore in the fourth quarter of 2020. The fall in finance expenses was caused by a 2.6% depreciation of the euro versus the Indian rupee, as well as decreased utilization of working capital borrowings compared to the previous year’s quarter.

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On the operational front, calcined petroleum coke sales declined 6.9% year on year to Rs 367,000 MT in Q4 December 2021 compared to Q4 December 2020. The amount of coal tar pitch increased by 18% to 131,000 MT in Q4 December 2021 compared to Q4 December 2020. Meanwhile, sales of other carbon products fell 2.9% to 132,000 MT in the fourth quarter of 2021.

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Adjusted net profit after tax increased by 42% year on year to Rs 756 crore, on revenue from operations increasing by 38.8% year on year to Rs 14,526.8 crore.

The company’s shares touched an intraday high of Rs 184.75 and an intraday low of Rs 171.40.

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Around 575,230 shares had changed hands compared to its five-day average of 368,758 units, an increase of 55.99%.