Rain Industries Limited Reports Unaudited Standalone and Consolidated Earnings Results for the First Quarter Ended March 31, 2018; Provides Tax Rate Guidance for the Year 2018
May 11, 2018 at 05:15 am EDT
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Rain Industries Limited reported unaudited standalone and consolidated earnings results for the first quarter ended March 31, 2018. For the quarter, on standalone basis, reported revenue from operations of INR 330.43 million compared to INR 266.78 million a year ago. Loss before tax was INR 5.26 million compared to profit before tax of INR 7.63 million a year ago. Net loss was INR 5.26 million or INR 0.02 per basic and diluted share of INR 2 each compared to net profit of INR 6.45 million or INR 0.02 per basic and diluted share of INR 2 each a year ago.
For the quarter, on consolidated basis, reported revenue from operations of INR 33,061.95 million compared to INR 25,349.04 million a year ago. Profit before share of profit of associates, exceptional items and tax was INR 4,059.90 million compared to INR 1,717.49 million a year ago. Profit before tax was INR 4,059.90 million compared to INR 1,047.19 million a year ago. Net profit was INR 2,657.05 million or INR 7.47 per basic and diluted share of INR 2 each compared to INR 646.80 million or INR 1.76 per basic and diluted share of INR 2 each a year ago. Adjusted EBITDA was INR 6,621 million compared to INR 4,414 million a year ago. Adjusted net profit after tax was INR 2,512 million compared to INR 1,028 million a year ago. Adjusted earnings per share were INR 7.5 compared to INR 3.1 a year ago. Net debt as at March 31, 2018 was INR 1,034 million.
The company expects tax rate for the year 2018 to be in the range of 33% to 34%, 200 to 300 basis points better than historical rate.
Rain Industries Limited is an India-based company that is engaged in the business of manufacture and sale of carbon, advanced materials and cement. Its segments include Carbon, Advanced Materials and Cement. The Carbon segment consists of Calcined Petroleum Coke, Coal Tar Pitch, Green Petroleum Coke, and other derivates of coal distillation, including creosote oil, naphthalene, carbon black oil, and other basic aromatic oils. The Advanced Materials segment includes the downstream operations of coal tar distillation and consists of engineered products, petrochemical intermediaries, naphthalene derivatives and resins. The Cement segment includes Ordinary Portland Cement (OPC) and Portland Pozzolana Cement. Its range of products serves as raw materials for a range of industries, such as aluminum, carbon black, refractory, specialty chemicals, coatings and construction. The Company's subsidiaries include Rain Cements Limited, Renuka Cement Limited, and Rain Carbon Inc.
Rain Industries Limited Reports Unaudited Standalone and Consolidated Earnings Results for the First Quarter Ended March 31, 2018; Provides Tax Rate Guidance for the Year 2018