Triveni Engineering's Q1 net loss narrows to Rs 5.9 crore

Triveni Engineering and Industries today reported narrowing of consolidated net loss at Rs 5.9 crore for the quarter ended June 30 on the back of higher income.

The Uttar Pradesh-based company had posted a net loss of Rs 19.3 crore in the same quarter last fiscal, it said in a BSE filing.

The company's total income showed a marked improvement as it rose to Rs 576 crore in the first quarter of 2013-14 fiscal from Rs 423.1 crore in the same period last year.

Commenting on the company's financial performance, its Chairman and Managing Director Dhruv M Sawhney said, "The sugar business continues to suffer due to lower than breakeven sugar prices. The cane overdues are a matter of grave concern to the industry, farmers and the government."

Sawhney added that the economic slowdown continued to take its toll on our engineering business as projects and product offtakes are getting deferred by many customers.

Triveni is one of the largest integrated sugar producers in the country, with a sugarcane crushing capacity of 61,000 tonnes per day; 68 MW of power co-generation and 160 kilo litres per day of distillery production.

Shares of the company closed 4.88 per cent up at Rs 23.65 on the BSE today.