Rain Commodities net dips 21.5% to Rs 87 cr

Rain Commodities Limited, which has interests in cement and carbon products, registered a 21.51 per cent decline in net profit to Rs 87.22 crore for the quarter ended March 31, 2009, as compared with Rs 111.13 crore during the corresponding period last year.

Revenues during the quarter increased 29.61 per cent to Rs 1,050.3 crore from Rs 810.30 crore last year. Expenditure was up 33.76 per cent to Rs 855.43 crore from Rs 63.948 crore last year due to increase in raw material costs, employee costs, power, fuel and others.

The fall in net profit was due to the decrease in sales in the calcined petroleum coke line in the US following maintenance shutdown, said Rain Commodities vice-president (finance) T Srinivas.

 

The board of directors, which met on March 28, has approved the buy-back of shares from the open markets through the stock exchange mechanism for an amount not exceeding Rs 51.51 crore subject to a maximum of 4.05 million shares at a maximum price of Rs 127 per equity share, a company release said.