Tulsian told CNBC-TV18, "Shree Renuka Sugars, if you recall when the management indicated with the September quarter results that they are looking for monetizing the cogen assets or diluting some stake in their Brazilian company they was given a time line of about 2 months. That has not happened. We have seen exactly seen 90 days lapsing since then that is more disappointing. Similar case we had such a long and huge hopes built up of this sugar decontrol and I myself was relying on that but that can be taken as a deferral of the news of non-monetisation or maybe the stake dilution in the Brazilian subsidy."
He further added, "The results are going to be flat to negative. I won't be taking them as negative as having posted by the UP based sugar mill. In fact you have to compare the results of this company with Bannari Amman and Ugar sugars that have the presence in Karnataka based sugar mill. Indian operations will be showing good results than what has been show in September quarter but yes profit booking should make the share to fall and the forex losses which was at Rs 500 crore plus in Q2 will again be a spoil sport in this quarter as well."
