Rain Industries: Strong results, but CPC volumes disappoint; CT Pitch remains strong, while ACM is recovering; Maintain Buy (RINDL IN, Mkt Cap USD1.4b, CMP INR275, TP INR480, 26% Upside, Buy) RAIN's 1QCY18 EBITDA increased 50% YoY (-4% QoQ) to INR6.6b, but missed our estimate of INR7.7b due to a QoQ decline in CPC shipments, as against our expectation of growth. There has been regrouping of segments - some of the value-added products from CT Pitch and other carbon segments have been moved...
Rain Industries: Carbon prices and margins continue to improve; Interest and tax rate declining; Maintain Buy (RINDL IN, Mkt Cap USD2.0b, CMP INR381, TP INR480, 26% Upside, Buy) Rain Industries' (RAIN) 4QCY17 EBITDA increased 2% QoQ (+58% YoY) to INR6.9b. Prices increased across products, but carbon product dispatches were impacted by shipment delays toward the end of the quarter. Adj. PAT increased 37% QoQ to INR3.3b, led by a lower effective tax rate (~21% v/s ~40% in 3QCY17). Exceptional...
​Rain Industries: CPC market tailwinds driving strong earnings growth; Raising earnings and target price; Maintaining Buy(RINDL IN, Mkt Cap USD1.8b, CMP INR340, TP INR492, 45% Upside, Buy)Rain Industries (RAIN) reported very strong earnings growth, driven by structural changes in market dynamics for its carbon business. Consolidated EBITDA increased 49% YoY to INR6.7b, beating our estimate of INR5b by a wide margin, due to both stronger margins (USD118/t v/s est. of USD85) and volumes (475kt v...
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