Shree Renuka Sugars Records Net Loss in Q4 Amid Rising Expenses

Shree Renuka Sugars Ltd reported a consolidated net loss of Rs 111.7 crore for Q4 ended March 31, compared to a profit of Rs 44.6 crore a year earlier. This was due to increased expenses totaling Rs 3,520.4 crore. Despite a rise in total income, the company faced significant financial strain.


PTI | New Delhi | Updated: 30-05-2024 10:58 IST | Created: 30-05-2024 10:58 IST
Shree Renuka Sugars Records Net Loss in Q4 Amid Rising Expenses
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Shree Renuka Sugars Ltd posted a consolidated net loss of Rs 111.7 crore for the fourth quarter ended March 31, compared with a profit of Rs 44.6 crore a year earlier, due to higher expenses.

The sugar producer's total income rose to Rs 3,476.3 crore in the January-March period from Rs 2,370 crore a year ago.

However, total expenses increased to Rs 3,520.4 crore from Rs 2,319.6 crore in the same period last year, the company said in a regulatory filing on Thursday.

Shree Renuka incurred a deferred tax expense of Rs 65.1 crore and a cane expense of Rs 25.1 crore during the quarter.

For the full fiscal year 2023-24, the company's total income increased to Rs 11,367.4 crore from Rs 9,106.5 crore a year earlier.

Its net loss widened to Rs 627.2 crore from Rs 196.7 crore in 2022-23.

As of March 31, 2024, Shree Renuka's current liabilities exceeded current assets of Rs 2,562.8 crore and the group had a negative net worth of Rs 1,437.4 crore.

However, the management believes it will meet all financial obligations on time, the filing said.

Shree Renuka Sugars is one of India's largest sugar, green energy, renewable power producers and sugar refiners.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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