Triveni Engineering & Industries reported a 74 decline in its net profit for the quarter ended September 30, on lose in sugar business due to high cane prices.
The company's net profit for the financial year ended September 30, also declined by 46 per cent to Rs 90.84 crore as against Rs 169.76 crore in the comparable period last year.
"Sugar business has witnessed a turbulence in the last year due to higher sugarcane prices, low recovery and pricing issues," Triveni Engineering & Industries Executive Director Nikhil Sahni said while commenting on the company's results.
The company had reported a 6.11 per cent growth in its sales at Rs 587.36 crore for the July-September quarter and for the fiscal, its total income rose to Rs 2,259.53 crore.
Its financial year runs from October to September.
Speaking about the current fiscal, Sahni said that the company expects a 30 per cent growth in its sugar business due to higher acreage and better recovery in the current fiscal.
"In line with the country's projected 30 per cent growth in sugar production, we are also expecting the same for us also," Sahni said.
The company however is more bullish on the growth of engineering and water treatment business.
"We expect our gear business to grow by 30 per cent, and turbine business by 35 per cent and water treatment business by 65 per cent," Sahni said.
