Renuka Sugars Sept Q net loss at Rs 618 crores

Renuka Sugars Sept Q net loss at Rs 618 crores

The company had earned a net profit of Rs 127.8 crore in the same period last year.
"Due to volatile global market developments, there was an unusual depreciation in the value of the Indian rupee (9.5 per cent) and Brazilian Real (18.8 per cent) against the US dollar during the quarter.

"As a result, there was a net exchange loss of Rs 569.8 crore on consolidated results for the quarter," the company said in a filing to the BSE.

The company's performance was also affected because of higher interest cost, which rose to Rs 192.5 crore during the quarter ended September 30. In the same period last year, interest stood at Rs 117.7 crore, it said.

Shree Renuka Sugars, the country's largest sugar refiner, further said its overall sales remained low at Rs 2,355.4 crore in the concerned period from Rs 2,484.5 crore in the year-ago period.

It said profits in sugar business dipped to Rs 16.9 crore from Rs 19.9 crore during the review period. Profits from trading business and co-generation also took a beating.

However, its ethanol business was upbeat as the profits rose significantly to Rs 18.6 crore from mere Rs 0.9 crore in the review period.

Further, the company mentioned it has got permission to extend the current accounting year to March 2012 from the existing October 2010 to September 2011.

Meanwhile, Shree Renuka Sugar's shares closed at Rs 51.70 on BSE, down 4.79 per cent from the previous day.