Carbon sales volumes during Q2 CY23 were 560 thousand metric tonnes, a decrease of 8.2% as compared to 610 thousand metric tonnes in Q2 CY22. The decrease in volumes was primarily driven by timing of shipments. During Q2 CY23, the average blended realisation decreased by approximately 8.0% on account of lower demand and lower market quotations across all regions.

There was an appreciation of EURO against Indian Rupee by approximately 8.8% and an appreciation of USD against Indian Rupee by approximately 6.5%. Overall, due to the aforesaid reasons, revenue from the Carbon segment decreased by approximately 15.6% in Q2 CY23, as compared to Q2 CY22.

Advanced Materials sales volumes during Q2 CY23 were 63 thousand metric tonnes, a decrease of 30.8% as compared to 91 thousand metric tonnes in Q2 CY22. The decrease in volumes was primarily driven by lower production on account of closure of aromatic chemicals business and changes in product mix based on raw material availability partly offset by an increase in realisations by 9.3% and an appreciation of EURO against Indian Rupee by approximately 8.8%.

Due to the aforesaid reasons, revenue from the Advanced Materials segment decreased by approximately 24.3% during Q2 CY23, as compared to Q2 CY22.

Cement revenue decreased by 0.2% during Q2 CY23 as compared to Q2 CY22 due to a decrease in realisations by 5.0% offset by an increase in volumes by 5.1%

While adjusted EBITDA declined by 46.1% YoY to Rs 675 crore, adjusted EBITDA margin contracted to 14.6% in Q2 2023 from 22.6% in Q2 2022.

Finance costs were Rs 169 crore during Q2 CY23 as compared to Rs 122 crore in Q2 CY22. The increase was primarily on account of increased interest rates for Euro-denominated term loan and working capital loans and appreciation of USD and EURO against Indian Rupee compared to Q2 2022.

Profit before tax in Q2 2023 stood at Rs 313.5 crore, down by 65.2% from Rs 901.7 crore in Q2 2022.

As at June 30, 2023, the company had a gross debt of $ 1,146 million (including working capital debt of $109 million), cash and cash equivalents of $290 million (including restricted cash), unamortised deferred finance cost of $4 million and net debt of $852 million.

Rain Industries is a holding company with subsidiaries engaged in the manufacturing of cement, CPC, coal tar pitch and downstream products, including resins, modifiers and superplasticisers.