Tuesday, Jun 18 2024 | Time 20:55 Hrs(IST)
Business Economy

New Delhi, May 17 (UNI): Leading sugar manufacturer Balrampur Chini Mills Limited on Friday reported over 20 percent fall in net profit at Rs 203.4 crore during the fourth quarter (January-March) of the fiscal year 2023-24 compared to Rs 254.5 crore in the same quarter in the previous financial year.
The revenue from operations stood at Rs 1438.6 crore during the quarter ended on March 31, 2024, compared to Rs 1507.8 crore in the same period in the previous financial year, the company said in a regulatory filing with the stock exchanges.
No further dividend has been proposed at the Board Meeting held on May 17, the company said adding the interim dividend of Rs 3/- (300%) per equity share with a face value of Re 1 each for the financial year 2023-24, was declared by the Board of Directors in their meeting on November 7, 2023 and has been paid.
"During the year ended March 2024, sugarcane crushing was higher by 16% and sugar production increased by 27%. This increase is attributed to various cane development activities and varietal rebalancing undertaken by the Company and lower sugar diversion due to changes in the Ethanol policy. It has moderated the impact of increase of Rs.20 per quintal in SAP and helped to contain the carrying cost of sugar inventory," said company chairman and managing director Vivek Saraogi.
For 2023-24 the net profit stood at Rs 534.47 crore up from Rs 284.2 crore in the previous financial year (2022-23).
Sugar being a seasonal industry, the performance of the Company varies from quarter to quarter and financial results for the quarter as such are not representative of the company's annual performance. UNI SKB SSP
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