Shree Renuka Sugars Q2 net down 73.5% at Rs 59 crore

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India"s largest sugar refiner, Shree Renuka Sugars Ltd. (SRSL) reported decline in the net profit by 85% to Rs. 29.2 crore for the quarter ended March 2011.

This Mumbai based company had reported net profit of Rs. 196 crore for the same period last quarter.

Net sales stood at Rs. 1248.9 crore for the quarter ended March 2011 from Rs. 1557 crore reported for the same period last fiscal. The net sales dropped by 19.8% Y-O-Y.

On the consolidated front, net profit declined by 73.5% to Rs. 59.4 crore for the quarter ended March 2011. Last fiscal the net profit stood at Rs. 224.2 crore for the same period.

The net sales for the quarter ended March 2011 is reported Rs. 1840.3 crore compared to Rs. 1781.4 crore for the same period last fiscal. Net income increased by 3.3%.

For the quarter ended March 2011, employee expenditure stood at Rs. 59.9 crore compared to Rs. 19.1 crore for the same period last fiscal.

But SRSL reported a decline in the raw material cost to Rs. 995.8 crore for the quarter ended March 2011, from Rs. 1124 crore.

The interest outgo for the quarter ended March 2011 is reported at Rs. 186.2 crore compared to Rs. 26 crore paid same fiscal last year.

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