 "Rain Industries surges 17% on healthy operational performance in March qtr")
Shares of Rain Industries soared 17 per cent to Rs 81.20 on the BSE on Friday after the company’s profit before depreciation, interest, taxes and exceptional item (Ebitda) jumped 52 per cent year on year (YoY) to Rs 558 crore in the March quarter (Q1CY20).
Ebitda margin expanded 780 basis points to 19.3 per cent from 11.5 per cent in the year-ago quarter. The healthy performance during the quarter was due to increased margins resulting from working through of high-cost raw material compared to Q1CY19 and appreciation of USD against the Indian Rupee.
The company, which is engaged in petrochemicals business, reported 23.8 per cent YoY growth in profit before tax at Rs 161 crore, despite 9.3 per cent decline in net revenues at Rs 2,882 crore over the previous year quarter.
The company said that there was no material impact of the Covid-19 outbreak on its financial results as at March 31, 2020. The Group will continue to monitor any material changes to future economic conditions, it said.
At 10:33 am, the stock was trading 12 per cent higher at Rs 78.15 on the BSE, as compared to 0.4 per cent decline in the S&P BSE Sensex. The trading volumes on the counter jumped over five-fold, with a combined 5.2 million equity shares changing hands on the NSE and BSE so far.
Ebitda margin expanded 780 basis points to 19.3 per cent from 11.5 per cent in the year-ago quarter. The healthy performance during the quarter was due to increased margins resulting from working through of high-cost raw material compared to Q1CY19 and appreciation of USD against the Indian Rupee.
The company, which is engaged in petrochemicals business, reported 23.8 per cent YoY growth in profit before tax at Rs 161 crore, despite 9.3 per cent decline in net revenues at Rs 2,882 crore over the previous year quarter.
The company said that there was no material impact of the Covid-19 outbreak on its financial results as at March 31, 2020. The Group will continue to monitor any material changes to future economic conditions, it said.
At 10:33 am, the stock was trading 12 per cent higher at Rs 78.15 on the BSE, as compared to 0.4 per cent decline in the S&P BSE Sensex. The trading volumes on the counter jumped over five-fold, with a combined 5.2 million equity shares changing hands on the NSE and BSE so far.
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