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.
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.
