Shree Renuka Sugars hit a lower circuit of 5% at Rs 31.95 after the company reported a consolidated net loss of Rs 240.4 crore in Q1 FY22 as against a net loss of Rs 34.9 crore in Q1 FY21.
Revenue from operations declined by 36.7% YoY to Rs 829.5 crore during the quarter.
During the period under revenue, Distillery revenue rose to Rs 190.9 (up 44.4% YoY), revenue from Co-generation improved to Rs 32.5 crore (up 4.8% YoY) and Engineering revenue increased to Rs 13.3 crore (up 44.6% YoY).
However, Sugar - refinery revenue fell to Rs 374.2 crore (down 52.4% YoY) and Trading revenue declined to Rs 48.6 crore (down 69.7% YoY). Meanwhile, Sugar - milling revenue and Other revenue remained flat at Rs 266.3 crore and Rs 5.4 crore, respectively.
The company reported a pre-tax loss of Rs 241 crore in Q1 FY22 as compared with a pre-tax loss of Rs 29.8 crore in Q1 FY21.
The board of Shree Renuka Sugars has approved a proposal for issuance of equity shares by way of a qualified institutions placement for an issue size aggregating up to an amount of Rs 1,500 crore, subject shareholder and other approvals.
Shree Renuka Sugars is a global agribusiness and bio-energy corporation. The company is one of the largest sugar producers in the world, the leading manufacturer of sugar in India, and one of the largest sugar refiners in the world.
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