Shares of Shree Renuka Sugars tanked 3 percent in the early trade on November 9 after the sweetener company reported a net loss of Rs 205.6 crore for the September quarter.
Shree Renuka Sugars' net loss widened from Rs 141.6 crore in the year-ago quarter partly due to higher input costs. Consolidated revenue grew 16.8 percent YoY to Rs 2,554.7 crore .
As of 10.10 am, the stock was trading at Rs 50.05, down 3 percent on the NSE from the closing price of the previous session.
The second quarter is usually off-season for cane crushing, noted the company in a regulatory filing. Shree Renuka Sugars still posted its highest revenue in seven years.
The total income for the six months ended 30th September 2023 is up by 18 percent year-on-year to Rs. 491 crore on a consolidated basis.
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As of September 30, 2023, the liabilities of the Shree Renuka Sugars exceeded its assets by Rs 2,452.1 crore. The company and its subsidiaries had a negative net worth of Rs 1,189.8 crore as of the September quarter.
For the first half of the fiscal year, the distillery produced 6.63 crore litres of ethanol. The domestic sugar sales volume clocked in at 193,000 MT, higher by 23 percent for the same period of the previous year.
Shree Renuka Sugars shares are down 13.8 percent in 2023, while the blue-chip equity benchmark Nifty has gained 6.85 percent during the same period.
The promoter, Wilmar Sugar Holdings, maintained a holding of 62.5 percent which was unchanged over quarters.
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