Shares of Rain Industries Limited fell nearly 4% after the company reported disappointing earnings for the third quarter ending September 30, 2024. As of 10:04 am, the stock was trading 3.39% lower at ₹158.85 on the NSE, reflecting investor concerns over declining margins and increased losses.
For the third quarter, Rain Industries posted sales of ₹39,342.79 million, down from ₹41,602.64 million a year ago, with revenue dropping to ₹40,331.37 million from ₹42,089.2 million. The company’s EBITDA saw a sharp decline of 41%, and EBITDA margins fell to 5.5% compared to 8.8% in the same period last year. Additionally, Rain Industries reported a net loss of ₹1,791.1 million, compared to a loss of ₹901.71 million in the previous year. Basic and diluted loss per share from continuing operations increased to ₹5.33 from ₹2.68 a year ago.
Over the first nine months, sales were ₹116,986.64 million, down from ₹140,409.05 million, while revenue decreased to ₹119,098.87 million from ₹141,476.79 million. The company’s net loss for this period was ₹4,028.59 million, contrasting with a net income of ₹1,808.46 million in the prior-year period. Basic and diluted loss per share for the nine months stood at ₹11.98, compared to earnings per share of ₹5.38 a year ago.
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