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India's Dalmia Bharat Sugar and Industries reported a 10.8% fall in first-quarter profit on Friday, hurt by higher inventory and expenses.
The company, which supplies sugar to companies like Coca-Cola, Britannia, Dabur, and Carlsberg, reported consolidated net profit of Rs 54.73 crore ($6.5 million), compared to Rs 61.34 crore year ago.
Revenue from operations rose 15.2% to Rs 960 crore. However, total expenses rose 19.2% to Rs 901 crore.
KEY CONTEXT
Indian sugar companies have been battling increased inventory costs. While Dalmia Bharat's inventory cost rose more than two-fold in the first quarter, rival Dwarikesh Sugar Industries and Dhampur Sugar Mills saw those expenses grow more than five-fold and nearly 10% respectively. India, the world's largest sugar consumer and second-biggest producer, restricted the use of sugar in ethanol production during the 2023/24 marketing year that ends on Sept. 30 and also prohibited exports to keep a lid on domestic prices, leading to a larger inventory for the companies.
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