Rain Commodities Q2 net slips 22%

Hyderabad-based Rain Commodities Limited, engaged in production and sale of calcined petroleum coke (CPC), cement, co-generation of energy and trading of fuel-grade green petroleum coke, reported a 22.04 per cent dip in net profit to Rs 91.67 crore for the second quarter ended September 2012, as against Rs 117.58 crore in the corresponding quarter last year.

Net income of the company slipped 4.60 per cent to Rs 1,237.03 crore in the quarter, compared to Rs 1,296.68 crore a year ago.

Last month, Rain Commodities had agreed to acquire 100 per cent stake in German coal tar distilling company Ruetgers from Nordic private equity firm Triton for 702 million euros (around Rs 4,900 crore) through its wholly-owned subsidiary Rain CII Carbon LLC. "The transaction is likely to be completed by the first quarter of 2013," the company said in a release on Friday. The company’s share on Friday closed trade 1.87 per cent lower at Rs 39.45 on BSE over its previous close from Rs 40.20.