The results of the company's cost-cutting measures are evident in its profits, which increased five percent during the first three months of this year after it fell over the last two years.

A. which increased five percent during the first three months of this year after it fell

B. which had increased five percent during the first three months of this year after it had fallen

C. which have increased five percent during the first three months of this year after falling over the last two years

D. with a five percent increase during the first three months of this year after falling

E. with a five percent increase during the first three months of this year after having fallen

OA is C.

I have a doubt in relation to the verb tenses:
According to the OE: the sentence needs to clarify the sequence of events: a) the 5% increase, and b) the decrease in the last two years.
To clarify this sequence, we need to present the first event (a) in a clause with a verb tense that indicates a later time period than the verb tense in the clause presenting the second event (b).

The OA is C, so how can "falling" clarify that the event (b) took place before the event (a)?, What is the tense of "falling"? Maybe I'm wrong but I read (ManhattanGMAT SC book pg. 237) that the tense of the present participle depends on the tense of the working verb of the clause, in this case: "have increased". So both verbs would be in present perfect.
If I am right, how can "falling" clarify the sequence?

Please, my question is about the tenses. I know that the pronouns are wrong, and that "with" is a wrong prepositional phrase modifier in this sentence. Thank you.