Left Menu
Development News Edition

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


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

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.)

Download The Devdiscourse News App for Latest News.


TRENDING

OPINION/BLOG/INTERVIEW

Beware! Maximum cyber criminals eye your personal data

A report of the World Economic Forum revealed that cyber security is increasingly becoming an issue of public security as the majority of cyber criminals are increasingly targetting individual internet users. This requires preventive measur...

WEF 2020: Trump seems politically correct in pulling out from Paris Agreement

If the survey of the World Economic Forum WEF is believed, Trump seems to enjoy the confidence of his people in flaying climate intuitions and climate activists. His preference for economic development over environmental protection not only...

From home to healthcare, here are Robotic innovations transforming lives

Lovot is equipped with more than 50 sensors such as thermography, microphone array, obstacle detection, and touch sensor to generate motion and emotions in real-time....

Translating words to deeds: Achieving gender parity in access to financial resources

... ...

Videos

Latest News

UPDATE 1-Russia and China are working on virus vaccine - consulate

Russia and China are working to develop a coronavirus vaccine and Beijing has handed over the genome of the virus to Moscow, a Russian diplomatic mission in China said on Wednesday.The death toll in China from coronavirus rose to 132 on Wed...

Eminent Assamese litterateur Sashi Sarma dies

Eminent Assamese litterateur Sashi Sarma died here of age-related ailments, family sources said on Wednesday. He was 89. He died on Tuesday night, they said, adding that he is survived by his wife and three daughters. His son had predeceas...

UPDATE 1-Soccer-Police investigate attack on United CEO's home

Police are investigating an attack on the home of Manchester United executive vice-chairman Ed Woodward by people in hoods.A video posted on social media showed the group gathered outside the house in Cheshire chanting threats towards Woodw...

Jaipur person tests negative for coronavirus

A Jaipur man who was feared to be infected with coronavirus, tested negative for the deadly infection on Wednesday. The man, a medical student in China, had returned from Wuhan on January 12.He was kept in an isolated ward at Sawai Man Sing...

Give Feedback