Profitability to be under stress
Ponni Sugars (Erode) announced that Government of Tamil Nadu has exempted purchase of sugarcane from VAT but simultaneously imposed VAT at 5% on sugar of all kinds. In view of there being no VAT on sugar in the surplus producing regions of Karnataka and Maharashtra, Tamil Nadu sugar mills would be at a competitive disadvantage and their pricing power would get adversely impacted by reason of the 5% impost of VAT on sugar produced in the State of Tamil Nadu. As a result, the profitability of the company would be under increased stress.Powered by Capital Market - Live News
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