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Shree Renuka Sugars reported its Q2 numbers with sugar segment dragging the revenues down. In an interview with CNBC-TV18, Narendra Murkumbi, VC and MD, Shree Renuka Sugars spoke about the results and his outlook for the company.
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Shree Renuka Sugars posted an EBITDA loss due to higher expenses. In an interview to CNBC-TV18, Narendra Murkumbi, VC & MD of the company spoke about the results and gave his outlook.
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The prices for the first nine months were around Rs Rs 30-32/kg ex-mill but increased over the last 30-days to Rs 36/kg. Hopeful of them going up further, said Narendra Murkumbi, VP & MD, Shree Renuka Sugars.
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In conversation with CNBC-TV18, Narendra Murkumbi, VC & MD, Shree Renuka Sugars, says that transport in sugar industry is very badly hit. New purchases have come down to 50 percent. Supply of manpower at the lower levels is getting difficult.
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The company sold sugar at an average price of Rs 29 ex-mill in the fourth quarter of FY16, and the current ex-mill price has risen to Rs Rs 32.5, says Narendra Murkumbi, the co-founder of Shree Renuka Sugars.
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Narendra Murkumbi, VC & MD, Shree Renuka Sugars said the previous two quarters were hit by lower sugar prices, but things appear to be on the mend.
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Brand ‘Madhu‘ which is now the no.1 brand in the country helped the company perform better in the sugar segment, said Narendra Murkumbi VC & MD, Shree Renuka Sugars.
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Shree Renuka Sugars is hopeful that its ethanol business will report higher volume and better margins going ahead.
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Narendra Murkumbi, MD, Shree Renuka Sugars reveals on CNBC-TV18 that volumes from cogeneration have increased considerably. The company has begun de-emphasising trading segment and the proportion of trading is to become smaller in overall revenue mix.
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Narendra Murkumbi, MD of Shree Renuka Sugars says, the Indian domestic price has moved from export parity, from around Rs 26-27 per kg ex-mill level region to about currently Rs 33-34 per kg.
"I expect these prices to hold. One could see stronger prices in the Q4," he adds.
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Shree Renuka Sugars, the country's largest sugar refiner is set to announce its results for the quarter ended June 2012. Analysts on an average expect the company to report a net loss of Rs 7.5 crore as against profit of Rs 187 crore in a year ago period.
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In an interview with CNBC-TV18, Narendra Murkumbi, MD, Shree Renuka blamed the depreciating rupee for its increasing debt and said that the tough macro environment is hurting their deleveraging plan.
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Narendra Murkumbi, managing director of Shree Renuka Sugars says the company has achieved its target of planting 20,000 hectare of sugarcane in Brazil. "We should see the positive results from this planting exercise from the April-June quarter of this year," he says.
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Speaking to CNBC-TV18, Narendra Murkumbi, managing director of Shree Renuka Sugars says that the main reason for the underperformance in Q2 is the losses churned out by the Brazilian unit.
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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.
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Unicon Investment has come out with its earning estimates on food processing sector for the quarter ended Sep 2011. According to the research firm, Shree Renuka Sugars Sep quarter net sales are expected to go down by 13.4% at Rs 2129.1 crore, year-on-year, (YoY) basis.
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Shree Renuka Sugars is likely to report a growth of 16.3% (YoY) in profits for third quarter of FY11. During the period, consolidated profit after tax of the company is expected to increase to Rs 105 crore as against Rs 90.3 crore in the corresponding quarter last fiscal.
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Bottomline performance of Shree Renuka Sugars is likely to be poor for the quarter ended March 2010 and the same with operating profit margin (OPM).
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Prabhudas Lilladher has come out with its earning estimates on Shree Renuka Sugars for the quarter ended March 2011. According to the research firm, its March quarter sales are expected to go up by 38.7% at Rs 2471.2 crore, year-on-year, (YoY) basis.
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UNICON has come out with its earning estimates on Food Processing sector for the quarter ended March 2011. According to the research firm, Shree Renuka Sugars (SHRS) March quarter revenue are expected to go up by 15.9% at Rs 2065.4 crore, year-on-year, (YoY) basis.
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Shree Renuka Sugars has reported a consolidated net profit of Rs 66.4 crore for the quarter ended December 2010 as against Rs 261 crore in same quarter the previous year.
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Shree Renuka Sugars is set to report a consolidated profit after tax of Rs 130 crore for the quarter ended December 2010 as against Rs 260.9 crore in same quarter the previous year, according to CNBC-TV18 estimates.
