Triveni Engineering posts 11.6 per cent increase in net profit of Rs 67 crore in Q3

Triveni Engineering & Industries Wednesday reported 11.65 per cent increase in consolidated net profit at Rs 67.07 crore during the third quarter ended December 2018 on strong sales. The company had clocked a net profit of Rs 60.07 crore in the same quarter of previous fiscal.

Net revenue increased to Rs 903.11 crore during the October-December quarter of 2018-19 from Rs 772.55 crore year ago, Triveni Engineering said in a statement. "We are enthused by our operating performance in sugar operations. ...It is expected that we will well surpass the recovery of 11.38 per cent achieved in the previous season," the company's Chairman and Managing Director Dhruv M Sawhney said.

Expressing concern about rising cane dues, he said it has expectedly risen across the country as the support sugar price of Rs 29 per kg is not adequate. "There is merit in the demand of the industry to raise such prices, which will help the industry to bring down sugarcane arrears. Further, it is imperative that mandatory export obligations are discharged by all sugar mills as that alone can reduce overhang of sugar in the country and support sugar prices," he added. The company is into the business of sugar, high-speed gears/gearboxes and wastewater management.

(With inputs from agencies.)