Riding on high sugar prices, Triveni Engineering and Industries, the country’s third largest sugar producing company, has posted a net profit of Rs 24.60 crore for the April-June quarter as compared to a loss of Rs 19.97 crore in the corresponding quarter last year. Net sales rose about 28 per cent to Rs 441.70 crore.
“The per quintal sugar realisation for the quarter stood at Rs 1,444 as compared to Rs 1,349 last year. The average price realisation at the moment is much higher at Rs 1,650 a quintal. The company has nearly two-third of last year production as stocks and it is well positioned to capitalise on the rising sugar prices,” said Nikhil Sawhney, the company’s vice-president.
The company has accounted for a sugarcane price of Rs 110 a quintal (the interim sugarcane price) even though the Allahabad High Court has restored the state-advised price of Rs 125-130 a quintal. The industry has challenged the order at the Supreme Court.