Mumbai: Simbhaoli Sugars Limited (SSL), one of the country’s largest sugar refiners reported profit of Rs71.9 crore for the year ended September 2009.
The company has made a loss of Rs29.1 crore in the corresponding period last year.
“On account of better realization and off season refining of raw sugar at its sugar plants, the company has witnessed a robust improvement in the operating earnings and net profit,” Simbhaoli Sugars director, finance Sanjay Tapriya said.
The company’s net sales rose by 62.2% at Rs706.5 crore compared to Rs435.5 crore during the same period last year. The company’s cash profit stood at Rs105 crore.
The performance for the fourth quarter also remained buoyant. In Q4 FY09 the company reported an increase of 104.4% in its net sales to Rs238.3 crore as compared to Rs116.6 crore during the same quarter last year.
The net profit during the quarter stood at Rs23.6 crore as against net loss of Rs7.4 crore in the same period last year.
During Q4 FY 09, the other income stood at Rs11.10 crore, which includes a gain of Rs10.33 crore on account of buy back of foreign currency convertible bonds (FCCB) of $29.61 million, out of aggregate FCCB liability of $33 million.
“Going by the current trend we expect margins to improve further. With the seamless operations of producing sugar throughout, the year going ahead we would like to further strengthen our financial position by improving the production of refined sugar,” Tapriya said.
The cane purchases for sugar season 2007-08 were accounted for at Rs110 per quintal, the rate at which payment was made to the cane growers as per the interim order of the Allahabad High Court and Supreme Court, against the state advised price of Rs125 per quintal, the company said.