Shree Renuka Sugars on Friday reported a 72.61 per cent decline in consolidated net profit to Rs 42.8 crore in the March 2023 quarter.
The company's net profit stood at Rs 156.3 crore during the corresponding quarter of FY22, the subsidiary of Singapore's Wilmar Sugar Holdings said in a BSE filing.
Its revenue from operations grew 7.16 per cent to Rs 2,328.5 crore compared to Rs 2,172 crore in the same period of the preceding fiscal.
"The company performance displayed strong momentum, anchored by domestic sugar and ethanol businesses despite the early closure of the crushing season.
"Domestic demand growth, improved capacity utilisation and higher net realisation, especially in sugar and refinery businesses, resulted in stable Q4 performance," Shree Renuka Sugars Executive Chairman Atul Chaturvedi said.
The expanded ethanol production capacity to 1250 KLPD from 720 KLPD was commissioned in March 2023, and its full benefit is expected to be visible from the next financial year onwards, he said.
"The company's resilience is driven by its business model and strategy with improving capacity expansion and utilisation," he added.
Shares of the company on Friday closed at Rs 43.52 apiece, up 0.39 per cent on BSE.
