Rain Industries hits new high on strong September quarter earnings

The stock hit a new high of Rs 374, up 10%, extending its Wednesday's 6% surge on the BSE.

Rain Industries hit a new high of Rs 374, up 10%, extending its Wednesday’s 6% surge on the BSE, after the company reported robust set of numbers for the September quarter (Q3CY17).

The company reported 94% year on year (y-o-y) growth in net profit at Rs 246 crore in Q3CY187against Rs 127 crore in a year ago quarter. Net revenue grew by 33% at Rs 3,038 crore on y-o-y basis.

Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) margins improved to 22.1% in Q3CY17 from 19.8% in Q3CY16 and 17.2% in Q2CY17.

Rain Industries’ expansion projects completed over the course of last two years, and improved capacity utilisations are contributing to revenue and EBITDA growth.

Industry fundamentals enabling improved realisations and higher volumes in carbon products, while functional integration across all the three geographies has improved efficiencies and enabled cost reductions, it added.

Rain Industries is engaged in carbon products, chemicals and cement business.

At 09:56 AM; the stock was trading 7% higher at Rs 364 on the BSE, as compared to 0.43% rise in the S&P BSE Sensex. A combined 5.47 million shares changed hands on the counter on the NSE and BSE so far. In past one month, the stock zoomed 94% against 5% rise in the benchmark index.


Source business-standard.com
Via business-standard.com

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