Leading sugar refiner Shree Renuka Sugars Ltd (SRSL) today announced a sharp decline in its net profit by 73.50% to Rs 59.4 crore for the quarter ended March 31, mainly on account of higher interest payment.
SRSL had posted a net profit of Rs 224.2 crore in the same quarter last year, the company said in a filing to the Bombay Stock Exchange (BSE).
The company's profit took a beating as it made huge interest payment of Rs 186.2 crore during the quarter as against Rs 26 crore in the year-ago period.
This apart, the employees cost also increased to Rs 59.9 crore from Rs 19.1 crore in the review period.
However, total income jumped marginally by 3.3% to Rs 1840.3 crore during the quarter ended March 31, this year as against Rs 1,781.4 crore in the year-ago period.
In the October-March period of the FY11 fiscal, the company's consolidated net profit declined to Rs 125.8 crore, compared with Rs 485.1 crore in the same period last year.
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Its total income rose slightly to Rs 4087.3 crore in the first half of this fiscal from Rs 3210.1 crore an year ago.
Shares of the company declined by 1.83% to settle at Rs 67.10 on the BSE.