Shares of Rain Industries Ltd fell nearly 3% on May 10 after the company reported a 62% year-on-year drop in net profit for the March quarter.

The stock was trading at Rs 152.50 on the BSE at 10:25 am, down 2.7% from its previous close, while the benchmark Sensex was down 0.15% at 61,669.

The company posted a net profit of Rs 105.3 crore in the March quarter, down 62% from Rs 277.4 crore a year ago. Revenue for the period stood at Rs 5,209.3 crore, up 18% from the previous year.

EBITDA fell nearly 33% to Rs 537 crore. EBITDA margin fell almost 580 basis points in the quarter to 13% from 18.8% last year.

The decline in EBITDA in the carbon segment was mainly due to higher raw material prices. However, the decline was partly mitigated by higher volumes, improved realization and appreciation of the US dollar and Euro against the Indian rupee.

Likewise, EBITDA in the Advanced Materials segment also declined. This decrease was primarily due to lower production due to temporary facility closures. However, this was partially offset by higher realizations and appreciation of the dollar and Euro against the Indian rupee.