Shree Renuka Q4 adjusted PAT seen up at Rs 160 cr

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Shree Renuka Q4 adjusted PAT seen up at Rs 160 cr

Shree Renuka Sugars is expected to report an adjusted profit after tax of Rs 160 crore in the fourth quarter of FY11 as against Rs 140.1 crore in the corresponding quarter of last fiscal. Sugar companies' financial year ends in September 30, 2011.

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Shree Renuka Sugars is expected to report an adjusted profit after tax of Rs 160 crore in the fourth quarter of FY11 as against Rs 140.1 crore in the corresponding quarter of last fiscal. Sugar companies' financial year ends in September 30, 2011.

Adjusted PAT excludes likely MTM forex losses on rupee depreciation against Brazilian Real.

Sales are seen going up to Rs 2,480 crore from Rs 2,459.8 crore during the same period.

EBITDA is likely to go up to Rs 535 crore from Rs 341.8 crore year-on-year.

Operating profit margin is expected to be at 21.6% in the July-September quarter of 2011 versus 13.89% in a year ago period.

Expectations

* Management commentary on cane costs will be extremely important

* While players in UP have already been affected; cane cost the west/south is also likely to be higher than anticipated earlier

* In Maharashtra, labour shortage and late rainfall have hampered harvesting activities.

* Domestic sugar prices were up about 2.5% sequentially

* International sugar prices largely held up above 26 cents/lb 

* Also refining margins have remained strong in Q2; will aid performance

* Raw - White spreads at around 125/MT well above the average last year

* Performance of new refinery commissioned in July will be reflected in this quarter

* Expect sales of about 2.5 - 2.6 lakh tonnes in India, at an average realization of Rs 28.5 - 29/kg

* Brazil sales volumes seen at at about 2.1 lakh tonnes

Bottomline drag

* Rupee has depreciated over 8.5% versus Real; MTM losses likely - quantum unknown

* Depreciation, interest costs will be higher on commissioning of the new refinery