The Hindu Business Line : Rain Calcining wipes out accumulated losses

RAIN Calcining Ltd (RCL), the Visakhapatnam-based Rs 333-crore calcined petroleum coke and power producer, has wiped off its entire accumulated losses with the help of the 140 per cent growth achieved in net profit for the fiscal year ended March 31, 2003.

According to the audited financial results taken on record by the RCL board, the company achieved a turnover of Rs 333.22 crore for the fiscal compared to Rs 292.87 crore in the previous fiscal, a growth of 13.77 per cent, and earned a profit of Rs 37.68 crore (Rs 15.71 crore), resulting in an EPS of Rs 2.91 (Rs 1.21) on an equity base of Rs 129.49 crore. With the help of these profits, the company wiped off its entire accumulated losses, which stood at Rs 36.33 crore as on March 31, 2003.

For the fourth quarter alone, the company posted a turnover of Rs 100.9 crore (Rs 89.31 crore) and a net profit of Rs 13.46 crore (Rs 3.69 crore), recording an increase of over 264 per cent.

For the year under review, calcined petroleum coke operations enabled the company post an income of Rs 209.8 crore (Rs 168.56 crore), while it achieved revenue of Rs 112.21 crore (Rs 123.17 crore) from power production and Rs 12.58 crore (Rs 3.12 crore) from trading operations. The company incurred an expenditure of Rs 247.24 crore (Rs 217.97 crore) and provided Rs 22.97 crore towards interest and finance charges (Rs 32.64 crore), Rs 20.1 crore towards depreciation and amortisation (Rs 20.07 crore), Rs 97 lakh towards current taxation as against no such provision made in the previous fiscal and Rs 4.26 crore towards deferred taxation (Rs 6.48 crore).

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