Ruchi Soya improves from last year, posts net profit at Rs 6.29 cr in Q3

Crisis-hit Ruchi Soya, which is facing insolvency proceedings, Wednesday reported a net profit of Rs 6.29 crore for the third quarter of the 2018-19 fiscal. The company had posted a net loss of Rs 1,956.59 crore in the same quarter of the previous fiscal, according to a regulatory filing.

Total income rose marginally to Rs 3,500.07 crore during October-December 2018 from Rs 3,049.94 crore in the year-ago period. Finance cost remained lower at Rs 1.77 crore as against Rs 323.31 crore earlier.

The company has not recognised interest payable worth Rs 345.61 crore for the 2017-18 fiscal and Rs 1,165.89 crore for nine months of the 2018-19 fiscal after commencement of the insolvency proceedings in December 2017, it said. Adani Wilmar, which sells cooking oil under the Fortune brand, and Baba Ramdev-led Patanjali are in the fray to acquire debt-ridden Ruchi Soya.

Ruchi Soya has a total debt of about Rs 12,000 crore. The company has many manufacturing plants and its leading brands include Nutrela, Mahakosh, Sunrich, Ruchi Star and Ruchi Gold. In December 2017, Ruchi Soya Industries entered into the Corporate Insolvency Resolution Process (CIRP) and Shailendra Ajmera was appointed as the resolution professional (RP).

The appointment was made by the National Company Law Tribunal (NCLT) on the application of the creditors Standard Chartered Bank and DBS Bank, under the Insolvency and Bankruptcy Code (IBC).

(With inputs from agencies.)