Photo: Bloomberg

Photo: Bloomberg

Renuka Sugars plummets to 1-year low on dismal results

Renuka Sugars plummets to 1-year low on dismal results

Mumbai: Shares of Shree Renuka Sugars fell sharply by up to 30.36% to a one-year low on the bourses on Monday after the company reported a net loss of Rs618.5 crore for the quarter ended 30 September.

Photo: Bloomberg

The scrip of the country’s largest sugar refiner trimmed some of the losses in later trade and was being quoted at Rs41.25, down 20.21% from its previous close, at 1125 hours.

The result was announced after trading hours on Friday.

Due to higher interest and huge foreign exchange losses, Shree Renuka Sugars reported a net loss of Rs618.5 crore for the quarter ended 30 September.

The company had posted a net profit of Rs127.8 crore for the same period last year.

Its performance was also affected because of higher interest costs, which rose to Rs192.5 crore during the quarter ended 30 September. In the same period last year, Shree Renuka Sugars interest costs amounted to Rs117.7 crore.

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