Triveni Engineering posts Rs 50.83cr loss for July-Sept
Triveni Engineering's overall income rose to Rs 564.82 crore in the September quarter, as against Rs 477.17 crore in the same period last year.
November 08, 2013 / 09:08 IST
Triveni Engineering and Industries reported a consolidated net loss of Rs 50.83 crore for the July-September quarter of this year due to higher expenses.
The Uttar Pradesh-based company had clocked a net profit of Rs 25.29 crore in the same period last year, the company said in a filing to the BSE. The company's financial year runs from October to September. The ongoing 2012-13 fiscal year has been extended by six months till March 2014, the filing added. The performance of the company was affected due to huge expenditure, which rose to Rs 591.60 crore in the quarter this year, against Rs 415.86 crore in the year-ago period. "The performance has been disappointing mainly due to factors beyond the control of the company. These are economic slowdown and its adverse impact on our engineering businesses, and unrealistic sugarcane pricing," Triveni Engineering chairman and managing director Dhruv M Sawhney said in a separate statement. The decontrol of sugar sale together with abolition of levy sugar had been a step in the right direction but without any reforms on the input pricing, the step taken is incomplete as is evident from losses incurred by sugar firms, he said. To come out of the vicious cycle of downturn, it is important for the industry to export significant quantity of sugar even without the help of the government and industry body ISMA is working on the contours of such plan. However, the company's overall income rose to Rs 564.82 crore in the quarter under review, as against Rs 477.17 crore in the same period last year. Revenue from sugar segment increased to Rs 484.26 crore from Rs 411.57 crore, while business from engineering division rose to Rs 78.53 crore from Rs 68.12 crore in the review period, the company said. Triveni is one of the largest integrated sugar producers in the country, with a sugarcane crushing capacity of 61,000 tonne per day, 68 MW of power co-generation and 160 kilo litres per day of distillery production. It has core competence in engineering businesses comprising high speed gears, gearboxes, and water treatment solutions. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
