Ruchi Soya Q4 net profit zooms over 2-fold to Rs 78.6 cr

Edible oil company Ruchi Soya Industries today reported over two fold jump in standalone net profit at Rs 78.58 crore for the quarter ended March 31, due to lower financial costs, higher export realisation and increased sale of branded oils.

It had posted net profit of Rs 28.32 crore in the same quarter last year, the company said in a filing to the BSE.

Ruchi Soya Managing Director Dinesh Shahra said: "The net profit has improved substantially both during the fourth quarter and the entire 2012-13 fiscal due efficient control on financial cost."

Higher sale of branded cooking oils and increased realisation from export of oilseed extraction and other food products improved the overall company's performance, he said.

As per the filing, net income increased to Rs 7,553.96 crore in the fourth quarter of the 2012-13 fiscal, from Rs 7,034.7 crore in the same period of last financial year.

Tax expenses and financial costs remained lower during the quarter under the review, though expenses were slightly more than the year-ago period, it added.

For the entire 2012-13 fiscal, the company's consolidated net profit zoomed more than 3-fold to Rs 284.21 crore as against Rs 87.96 crore in 2011-12.

Net income, however, fell marginally to Rs 29,871.25 crore from Rs 30,270 crore in the review period.

Shahra said that sale of branded edible oil increased to Rs 6,217 crore in the 2012-13 fiscal, from Rs 5,543 crore in the previous year.

Similarly, export of oilseed extraction and food products increased by 34% to Rs 4,374 crore from Rs 3,264 crore in the review period, he added.

A leading producer of edible oils, soya foods, vanaspati and bakery fats, Ruchi Soya is also a major exporter of soya meal, lecithin and other food ingredients from India.

The company's scrip rose marginally to close at Rs 69 on the BSE today.