Latest News | Shree Renuka Sugars Posts Q2 Net Loss of Rs 98 Cr

New Delhi, Oct 28 (PTI) Shree Renuka Sugars Ltd on Thursday posted a consolidated net loss of Rs 97.8 crore during the second quarter of the current fiscal on lower income and higher finance cost.

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The company had posted a net profit of Rs 104.8 crore in the corresponding quarter of the previous fiscal, according to a regulatory filing.

Net income during the second quarter of the current fiscal declined to Rs 1,448.8 crore from Rs 1,605.3 crore in the year-ago period.

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The group's current liabilities exceeded its assets by Rs 2,182.2 crore and has a negative net worth of Rs 1,029.2 crore as on September 30, 2021.

All term loans and working capital loans availed by the company from banks are secured by corporate guarantee provided by the ultimate promoter company Wilmar International Ltd, the company said.

Further, the board of Wilmar Sugar Holdings Pte Ltd has provided a letter of support to the group to meet the shortfall in its normal trade related to working capital requirements till March 31, 2022, it said.

"Accordingly, the group management believes it will be able to meet all its financial obligations on a timely basis," it added.

The company's shares fell 4.70 per cent to settle at Rs 28.40 apiece on BSE.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)