Hyderabad-based Rain Industries Limited has reported a 68.42 per cent jump in consolidated net profit at Rs 84.33 crore for the quarter ended March, 2015 on the back of a huge foreign exchange gain and despite a fall in revenues.
The company's net profit stood at Rs 50.07 crore for the corresponding quarter last year.
The numbers indicate a turnaround in financial performance on a sequential basis since the company had incurred a net loss of Rs 199.71 crore in quarter ended December, 2014.
Total income for the quarter under review declined 19 per cent to Rs 2,546.16 crore from Rs 3,143.51 crore in the year ago period while the expenditure followed a similar pattern with a decline of 20.63 per cent at Rs 2,304.77 crore from Rs 2,904.16 crore in the year ago period.
Of the three segments of operations, the revenues from carbon products as well as the chemicals that together constitute major chunk of the operational income, have declined during the quarter while the revenue from cement rose on the back of a better realization in the domestic market.
An amount of Rs 45.89 crore by way of foreign exchange gain as compared to a similar gain of Rs 10.36 crore in the corresponding previous quarter added to a steep rise in net profit for the quarter. " The forex gain in the current quarter is mainly due to gain on US dollar denominated receivables from appreciation of US dollar against Euro and strengthening of Russian Ruble against US dollar," the company said in a statement.
The group has designated foreign currency loans availed as a hedging instrument to hedge is recognized in reserves and surpluses and would be transferred to the statement of profit and loss upon sale or disposal of the investment in such non-integral foreign operations, according to the company.
For the full year ended December 2014, the net profit for the company stood at Rs 88.53 crore on a total operational income of Rs 11,936.99 crore.
Rain, formerly known as Rain Commodities, is a producer of carbon products and specialty chemicals with 16 operating facilities spread across India, Belgium, Canada, Egypt, Germany, the Netherlands and Poland and a new facility, which is a joint venture, is currently under construction in Russia, according the company. Rain Industries also have two cement plants in India and markets its products under the brand Priya Cement.
No comments:
Post a Comment