Shree Renuka Sugars tumbles after dismal Q1 numbers

Shree Renuka Sugars fell 4.73% to Rs 16.10 at 12:01 IST on BSE after the company reported a net loss of Rs 63.60 crore in Q1 June 2013 compared with a net profit of Rs 13.30 crore in Q1 June 2012.

The result was announced after market hours on Wednesday, 14 August 2013.

Meanwhile, the BSE Sensex was down 467.94 points, or 2.42%, to 18,899.65.

On BSE, 3.03 lakh shares were traded in the counter compared with average volume of 9.95 lakh shares in the past one quarter.

The stock hit a high of Rs 16.60 and a low of Rs 15.80 so far during the day. The stock hit a 52-week high of Rs 38.80 on 4 October 2012. It hit a 52-week low of Rs 14.70 on 7 August 2013.

The stock had underperformed the market over the past one month till 14 August 2013, sliding 6.63% compared with the Sensex's 2.96% decline. The scrip had also underperformed the market in past one quarter, falling 28.54% as against Sensex's 1.80% fall.

The small-cap sugar company has an equity capital of Rs 67.13 crore. Face value per share is Re 1.

Profit from operations before other income, finance costs and exceptional items slumped 93.74% to Rs 8.90 crore in Q1 June 2013 over Q1 June 2012.

Shree Renuka Sugars' net sales rose 30.6% to Rs 1937.40 crore in Q1 June 2013 cover Q1 June 2012.

The company reported an exceptional loss of Rs 87.40 crore in Q1 June 2013 arising out of foreign currency transactions. The figure was higher than an exceptional loss of Rs 8.10 crore in Q1 June 2012.

Shree Renuka Sugars is a global agribusiness and bio-energy corporation. The company is one of the largest sugar producers in the world, the leading manufacturer of sugar in India, and one of the largest sugar refiners in the world. It operates eleven mills globally (four in Centre-South Brazil and seven in India) with integrated ethanol and power co-generation capacity. The company also has two large port based sugar refineries in India.

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