Renuka Sugars posts Rs 208.6 cr loss in Dec quarter

Shree Renuka Sugars Ltd, a Wilmar group company, on Thursday reported a consolidated net loss of Rs 208.6 crore in the quarter ended December.

The company had posted a net profit of Rs 311.1 crore in the year-ago period.

Total income dipped to Rs 1,003.9 crore in the third quarter of this fiscal from Rs 1,140 crore in the corresponding period of previous year.

"As on December 31, 2019, the current liabilities of the group exceeds its current assets by Rs 3,311 crore. The group has incurred continuing losses in the previous year ended March 31, 2019, and in current nine months period ended December 31, 2019 before exceptional items.

The group has negative net worth of Rs 569.9 crore as at December 31, 2019. The group management expects to generate operational cash-inflows in the next 12 months, which will support the group to meets its near future cash obligations," the company said in a regulatory filing.

Shree Renuka Sugars Ltd (SRSL) is one of the largest sugar manufacturers and refiners in India. It is present across sugar, ethanol, co-generation, trading and engineering segments.

SRSL is a subsidiary of Wilmar Sugar Holdings, Singapore (subsidiary of Wilmar International, Asia's leading agribusiness group).