Ahmedabad-based Riddhi Siddhi Gluco Biols Ltd. (RSGBL) has posted a net profit of Rs 31.17 crore for the quarter ended June 30, 2010, a jump by 506.42 per cent as compared to Rs 5.14 crore for the corresponding quarter last year.
One of the largest starch and derivatives manufacturing company, RSGBL registered a turnover of Rs 202.77 crore for the first quarter of the financial year 2010-11 as against Rs 156.33 crore for the corresponding period.
According to Ganpatraj Chowdhary, managing director of RSGBL, the increase in profit after tax and turnover is attributed to the company's all round performance. "Barring unforeseen circumstances, the management is confident of achieving better performance in the coming quarters posting higher turnover and profits for the year as a whole," he added.
Apart from a 29.70 per cent rise in turnover for the first quarter, RSGBL also posted an EBIDTA of Rs 49.36 crore, an increase of 162.69 per cent as compared to Rs 18.79 crore in the corresponding quarter of previous year.
The company runs three plants located in Viramgam in Gujarat, Gokak in Karnataka and Pantnagar in Uttarakhand with an aggregate maize processing capacity of 6.6 lakh tonnes per annum.