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.
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.
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.
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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