HomeMarket NewsRain Industries shares fall 10%, most in nearly two years after Q4 net loss
On a sequential basis, Rain Industries' revenue fell 1.5% to ₹4,100 crore, while on a year-on-year basis, the topline fell by 25%.
By Sonal Bhutra |Hormaz Fatakia February 26, 2024, 10:30:26 AM IST (Updated)
Shares of Rain Industries Ltd. declined as much as 10% in early trading on Wednesday after the company's revenue fell for the December quarter and it also reported a net loss.
The company reported a net loss of ₹1,078 crore, compared to a loss of ₹66 crore in the September quarter. For the same quarter last year, the stock had reported a net profit.
Rain Industries saw tax expenses more than double for the September quarter to ₹995 crore from ₹462 crore. The company also reported an impairment loss of ₹751 crore for the quarter.
On a sequential basis, Rain Industries' revenue fell 1.5% to ₹4,100 crore, while on a year-on-year basis, the topline fell by 25%.
The company's Carbon business was impacted due to delayed shipments and lower demand, which also impacted margins. Overall volumes declined by 5.3% year-on-year.
Advanced material business was also impacted during the quarter due to seasonality. On the other hand, the cement business for the company improved due to better volumes.
Shares of Rain Industries are trading 7% lower currently at ₹191. The stock has risen 25% over the last 12 months. This is the biggest single-day drop that the stock has seen since June 2022.
First Published:
Feb 26, 2024 9:25 AM
IST
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