Balrampur Chini reports Rs 51 crore loss in Q3

Sugar firm Balrampur Chini Mills Ltd today reported a net loss of Rs 50.76 crore for the quarter ended December 31, 2013, due to lower sales.
It had posted a profit of Rs 60.22 crore in the year-ago period.

Net sales fell 27% to Rs 690.71 crore during October-December quarter of 2013-14 fiscal from Rs 949.93 crore in the corresponding period of previous year, Balrampur Chini said in a filing with the BSE.

Balrampur Chini, the country's second largest sugar firm, has 11 factories located in Uttar Pradesh, having an aggregate crushing capacity of 79,000 tonnes per day.

UP based sugar mills are incurring losses as sugar prices are lower than the cost of production.

During April-December period, Balrampur Chini Mills posted a net loss of Rs 186.26 crore as against a profit of Rs 91.05 crore in the year-ago period.

Net sales in the first nine months of this fiscal fell to Rs 1,964.96 crore from Rs 2,530.10 crore in the corresponding period of previous year.