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Business News/ Markets / Stock Markets/  Sakthi Sugars share price slumps 10%, here's why

Sakthi Sugars share price slumps 10%, here's why

The sugar manufacturer posted a standalone net loss of ₹4265.61 lakhs for the quarter ended on December 31, 2023, on Monday.

Sakhti Sugars Photo: BloombergPremium
Sakhti Sugars Photo: Bloomberg

Sakthi Sugars share price fell by 9.92% on Monday's trading session after the company posted its Q3 earnings. The stock slumped to 38.15 per share on February 12, against previous close at 42.35 per share.

The sugar manufacturer posted a standalone net loss of 4265.61 lakhs for the quarter ended on December 31, 2023, against a net profit of 1946.84 lakhs last year same period.

Also read: MCX share price plunges 9% on weak Q3 results; here's what the analyst says

Sequentially, the sugar company reported a 171% year-on-year rise in its net loss from 1570.67 lakhs in the second quarter, according to the exchange filing.

Sakthi Sugars' revenue from operations is also down 18% to 15088.44 lakhs in the December quarter 2023 from 18621.34 lakhs last year same period. The total segment revenue or sales of the company stood at 20443.88 lakhs, down from 26815.45 lakhs a year ago.

The company further said in its exchange filing that it has sold its sugar and distillery units at Dhenkanal for a consideration of 13410 lakhs on slump sale basis and recognised 5624.98 lakhs as profit on disposal of Dhenkanal units, during FY 2022-23.

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Last year, Asset Reconstruction Company had sold 9.56 lakh Sakthi Sugars shares on June 22 and 7.42 lakh shares in June 16.

Asset Reconstruction Company had picked a partial stake in Sakthi Sugars after Indian Overseas Bank dragged the company to NCLT for a 46 crore loan default. 

Sakthi Sugars stock has gained nearly 34.57 percent in the last one month and 53.83 percent in the last six months.

Sakthi Sugars stands as a prominent figure among the nation's leading sugar producers. In a strategic move to broaden its industrial footprint, Sakthi Sugars diversified its operations into the manufacturing of Industrial Alcohol in 1972, establishing a presence at Sakthinagar, Tamil Nadu.

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Published: 12 Feb 2024, 04:18 PM IST
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