Balrampur Q3 net at Rs 60 cr, revenue up 43%

Against a loss of Rs 64 crore in the year-ago period

Sugar major Balrampur Chini Mills today reported Rs 60.22 crore net profit in the quarter ended December 31 against a loss of Rs 64.01 crore in the year-ago period.

 

The net operating revenue grew by 43.48% to Rs 949.93 crore during the third quarter of this fiscal from Rs 662.08 crore in the corresponding period of previous year.

 

Balrampur Chini, the country's second largest sugar firm, has sugarcane crushing capacity at 76,500 tonnes per day, distillery 320 kilo litre per day and co-generation 126 MW. The Kolkata-based company has sugar plants in Uttar Pradesh.

 

"The key contributor to the top-line growth, during the quarter, was the sugar division liquidation of low cost inventory which resulted in improved profitability," company's Managing Director Vivek Saraogi said in a statement.

 

He said that domestic demand supply scenario, import duty policy, and the implementation of the recommendations made by the Rangarajan committee on decontrol will remain critical for the sector as the season progresses.

 

"We are optimistic on the reform front and believe that the government is committed to implementing policies that promote long term equilibrium in the sector," he added.

 

As on December 31, 2012, the company's long term debt stood at Rs 597 crore with debt-equity ratio at 0.22.