Ruchi Soya Industries tumbled 4.31% to Rs 42.15 at 10:07 IST on BSE after the company reported a net loss of Rs 9.65 crore in Q4 March 2014 as compared to net profit of Rs 78.58 crore in Q4 March 2013.
The Q4 result was announced after market hours on Friday, 30 May 2014.
Meanwhile, the S&P BSE Sensex was up 112.54 points or 0.46% at 24,329.88.
On BSE, so far 1.04 lakh shares were traded in the counter as against average daily volume of 2.14 lakh shares in the past one quarter.
The stock hit a high of Rs 43 and a low of Rs 41.25 so far during the day. The stock had hit a 52-week high of Rs 70.90 on 6 June 2013. The stock had hit a 52-week low of Rs 26.15 on 23 August 2013.
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The edible oil maker has equity capital of Rs 66.81 crore. Face value per share is Rs 2.
Ruchi Soya Industries' total income from operations (net) fell 15.57% to Rs 6377.50 crore in Q4 March 2014 over Q4 March 2013.
Ruchi Soya Industries' net profit dropped 94.31% to Rs 13.42 crore on 6.75% decline in total income from operations (net) to Rs 24381.01 crore in the year ended 31 March 2014 (FY 2014) over the year ended 31 March 2013 (FY 2013).
The net profit in FY 2014 was lower due to higher provision of taxation, more particularly the deferred tax.
On consolidated basis, Ruchi Soya Industries' net profit dropped 99.94% to Rs 0.16 crore on 4.54% fall in total income from operations (net) to Rs 28499.43 crore in the year ended 31 March 2014 (FY 2014) over the year ended 31 March 2013 (FY 2013).
Earnings before interest and finance cost, tax, depreciation & amortisation (EBITDA) fell 22.07% to Rs 733.75 crore in FY 2014 over FY 2013. Sale of Textured Soya Protein (TSP) or Soya Food rose 39.36% to Rs 177 crore in FY 2014 over FY 2013. Branded sales rose 12.01% to Rs 6965 crore in FY 2014 over FY 2013.
Commenting on the performance, Founder and Managing Director, Mr. Dinesh Shahra said, "The anomaly in import duty structure on crude and refined palm oil in India had an adverse impact on the performance of oil refining industry in India. The anomaly was partially corrected only in January 2014. Lower crop size of soybean in India resulting in lesser availability of seeds in the market, lack of parity, led to lower utilization of crushing capacities in India. Fluctuating USD INR Exchange rate and the consequent higher hedging cost also had an adverse impact on the profitability of the Company.
With the new and stable Government in India, we expect the import duty structure rationalized further, economy to get a boost, rupee to stabilize and improvement in the overall business sentiments.
Branded sales have been growing both in value and percentage of the total sales of Ruchi Soya. Textured Soya Foods as a category has been growing, providing great business opportunity for us. We are in the process of innovating new products in this category, which will help us strengthening our leadership position in Soya Foods and Edible Oils category in India.
Our popular brands 'Nutrela' and 'Sunrich' have been revitalized. 'Ruchi Gold' continues to be India's largest single oil brand. Joint ventures signed by the company during the fiscal will soon start yielding a positive outlook on our performance. We are making efforts to keep the costs under check, continue our focus on branded sales that can yield better margins and look forward to a better performance on a sustained basis in the times to come."
Ruchi Soya Industries is India's leading FMCG company and India's number one cooking oil and soya food maker and marketer. An Integrated player from farm to fork, Ruchi Soya has secured access to oil palm plantations in India and other key regions of the world. Ruchi Soya is also the highest exporter of soya meal, lecithin and other food ingredients from India.
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