Renuka Sugars Q4 net profit zooms more than two folds

Shree Renuka Sugars Ltd (SRSL), the country's largest sugar refiner, today posted more than two-fold jump in standalone net profit at Rs 13.3 crore in the fourth quarter ended March 31 this year, on strong revenue.

It had clocked a net profit of Rs 5.5 crore in the same quarter in the corresponding year, SRSL said in a filing to the BSE.

Net income increased sharply to Rs 1,910.4 crore in the fourth quarter of FY 2012-13 from Rs 980.3 crore in the year-ago period.

The revenue from its sugar business increased to Rs 1,387.4 crore from Rs 449.8 crore in the review period.

During the same period, the company's total expenses remained higher at Rs 1,821.2 crore as against Rs 815.3 crore in the fourth quarter of the last fiscal.

For 2012-13 fiscal, the company reported a consolidated net loss of Rs 374.3 crore as compared to Rs 31 crore in the previous fiscal.

Total income declined to Rs 10,357.6 crore from Rs 12,369.1 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.

The stock of the company fell 1.79% to settle at Rs 22 per piece on BSE.