Shree Renuka Sugars posts Q2 net loss of Rs 98 cr
The company had posted a net profit of Rs 104.8 crore in the corresponding quarter of the previous fiscal, according to a regulatory filing
Shree Renuka Sugars Ltd on Thursday posted a consolidated net loss of Rs 97.8 crore during the second quarter of the current fiscal on lower income and higher finance cost.
The company had posted a net profit of Rs 104.8 crore in the corresponding quarter of the previous fiscal, according to a regulatory filing.
See Zee Business Live TV Streaming Below:
Net income during the second quarter of the current fiscal declined to Rs 1,448.8 crore from Rs 1,605.3 crore in the year-ago period.
The group's current liabilities exceeded its assets by Rs 2,182.2 crore and has a negative net worth of Rs 1,029.2 crore as on September 30, 2021.
All term loans and working capital loans availed by the company from banks are secured by corporate guarantee provided by the ultimate promoter company Wilmar International Ltd, the company said.
Further, the board of Wilmar Sugar Holdings Pte Ltd has provided a letter of support to the group to meet the shortfall in its normal trade related to working capital requirements till March 31, 2022, it said.
"Accordingly, the group management believes it will be able to meet all its financial obligations on a timely basis," it added.
The company's shares fell 4.70 per cent to settle at Rs 28.40 apiece on BSE.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Top 7 SIP Mutual Funds in 1 Year: What Rs 10,000, Rs 15,000, and Rs 20,000 SIPs have given in each fund
Special Live Trading Session on Saturday: Know why BSE, NSE will remain open on May 18; check timings
If you make RDs of Rs 5,000, Rs 10,000, Rs 15,000, and Rs 20,000 in post office, what will be your maturity amount?
Top 10 Mid-cap Stocks to Invest: Motilal Oswal picks Indian Hotels, Godrej Properties, and more; know target price
Atal Pension Yojana EPFO National Pension System SWP Retirement Planning schemes provide pension every month
09:15 PM IST