Shree Renuka Sugars today posted a huge jump in its net profit at Rs 220.20 crore for the quarter ended on March 31, on account of higher income and tax credit.
The company had posted a net profit of Rs 4.3 crore in the same period in 2014-15 fiscal.
Total income from operations during January-March quarter of 2015-16 fiscal rose to Rs 1,817.90 crore from Rs 1,530.50 crore in the same period in 2014-15 fiscal, according to the company's regulatory filing.
The company's profits jumped as it has credited tax of Rs 150.40 crore in the fourth quarter of 2015-16, while it had debited Rs 3.40 as tax in the year ago period.
For the entire 2015-16, the company's net loss narrowed to Rs 1802.90 crore, from Rs 1812.90 in the year 2014-15.
The company's board also approved grant of an option to the lenders to convert a part of their loans into equity shares.
The approval is subject to maximum of about 9.28 crore equity shares and the shareholders' nod for the offer will be sought through a postal ballot, the company said.
In September last year, Shree Renuka Sugars had said that its Brazilian units have filed for bankruptcy protection.
Mumbai-based Renuka Sugars had in 2010 entered Brazil, the world's largest sugar producer, by investing Rs 1,765.10 crore to acquire stakes in Renuka do Brasil and Renuka Vale do Ivai.
