Country's largest sugar refiner Shree Renuka Sugars today posted a 40 per cent fall in its standalone net profit at Rs 17.5 crore during the quarter ended December 31 on the back of rising expenses and finance costs.
Its net profit stood at Rs 29.1 crore in the same quarter in the previous fiscal, the company said in a filing to the Bombay Stock Exchange.
More than two fold jump in its expenditure at Rs 1,705.6 crore and higher finance cost during the quarter under the review affected its overall performance.
Shree Renuka Sugars said losses worth Rs 25.1 crore were booked due to foreign currency translation.
However, total revenue from its all operations rose significantly to Rs 1,846.7 crore during the quarter ended December 31, last year, from Rs 697 crore in the corresponding period last year.
Maximum revenue was generated from the sugar business, which rose by more than three-fold to Rs 1,467 crore from Rs 451.7 crore, while income from co-generation increased to Rs 176.4 crore from Rs 69.2 crore in the period under the review.
Similarly, revenue from ethanol business increased to Rs 52.2 crore during the December quarter of this year from Rs 45.2 crore in the year-ago period.
Income from trading activities also saw a marked jump to Rs 293.5 crore from Rs 198.4 crore in the review period.
Renuka Sugars operates 11 mills globally, with a total crushing capacity of 20.7 million tonnes per annum (MTPA) or 94,520 tonnes crushed per day (TCD).
The company operates seven sugar mills in India with a total crushing capacity of 7.1 MTPA or 35,000 TCD and two port based sugar refineries with expected capacity of 1.7 MTPA.
Shares of the company rose 3 per cent to settle at Rs 29.25 on the BSE platform.