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Profit before tax stood at Rs 161.42 crore in Q1 CY20, up by 23.8% from Rs 130.39 crore in Q1 CY19. Adjusted EBITDA in the first quarter of the calendar year 2020 increased by 52.3% to Rs 557.9 crore from Rs 366.4 crore the corresponding period last year. Adjusted EBITDA margin stood at 19.3% in Q1 CY20 as compared to 11.5% in Q1 CY19.
Finance costs was Rs 120 crore during Q1 CY20, as compared to finance costs of Rs 113 crore during Q1 CY19. Increase in cost was on account of implementation of new lease standard and increase in working capital borrowings.
Carbon sales volume stood at 692 thousand metric tons (up 11.1% YoY), Advanced Materials sales volume were at 97 thousand metric tons (down 6.7% YoY) and Cement sales volume was at 627 thousand metric tons (down 6.3% YoY) in the first quarter of the calendar year 2020. The term ‘YoY' indicates year-on-year comparison.
Due to to the nationwide lockdown announced by the Government of India, the company had temporary shut operations at all of its plants in March 2020. However, the group's plants in Europe and North America continued to operate, without any break during the current quarter. The company did witness certain supply chain disruptions, which caused delays in the completion of expansion projects.
"Based on management's review of current indicators and economic conditions, there is no material impact on its financial results as at 31 March 2020," the company said with respect to the impact of the COVID-19 pandemic on its business operations.
As at 31 March 2020, the company had a gross debt of $1,182 million (including working capital debt of $72 million), cash and cash equivalents of $165 million (including restricted cash), unamortised deferred finance cost of $14 million and net debt of $1,003 million.
During the quarter ended 31 March 2020, the company incurred capital expenditures of $60 million, including expansion CAPEX for the hydrogenated hydrocarbon resins project in Castrop-Rauxel, Germany, vertical-shaft kiln project in Vizag, India, waste-heat recovery power plant in Kodad, India, and other maintenance projects across all locations. With the existing cash and cash equivalents and undrawn working capital loan facilities, the company is well placed to fund CAPEX projects and meet debt-servicing obligations in the near-term. The major debt repayments are scheduled to start in January 2025.
Rain Industries is a vertically integrated global producer of a diversified portfolio of products that are essential raw materials. It operates in three business segments: Carbon, Advanced Materials and Cement.
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