Shree Renuka Sugars Q2 profit zooms nearly 7-fold to Rs 224 cr

Shree Renuka Sugars today reported a surge of nearly seven fold in its consolidated profit to Rs 224.2 crore for the second quarter ended March 2010.

The company had a consolidated profit (after prior period adjustments) of Rs 33.2 crore during the March quarter, a year earlier. The company's full financial year ends in September.

The consolidated financial results include the unaudited results of all subsidiaries, (including the figures of Brazil- based Vale Do Ivai SA Acucar E Alcool (VDI), which has become subsidiary from March 19, 2010), Shree Renuka Sugars said in a filing to the Bombay Stock Exchange.

During the last three-month, sugar major's consolidated total income increased to Rs 1,806.9 crore from Rs 442.5 crore of the corresponding period a year ago.
    
For the half year ended March, 2010, Shree Renuka Sugars posted a profit of Rs 485.1 crore, compared to Rs 44.2 crore of the year-ago period.
    
On a standalone basis, the sugar producer posted a profit of Rs 195.9 crore for the quarter ended March 31, as compared to Rs 24.1 crore for the three-month period ended March, 2009.
    
Shares of Shree Renuka Sugars were quoting at Rs 63.90, down by 0.16 per cent in the late afternoon trade on National Stock Exchange.