Balrampur Chini expects higher cane availability in Uttar Pradesh.
Balrampur Chini Mills Ltd on Monday reported a 4.6 per cent drop in its consolidated net profit to Rs 70.15 crore in the first quarter of the current fiscal, as lower sugarcane availability hit production volumes.
The net profit stood at Rs 73.50 crore in the same quarter previous fiscal, according to a regulatory filing.
Its revenue from operations rose 2.3 per cent to Rs 1,421.59 crore in the quarter ended June 30 this fiscal from 1,389.62 crore in the year-ago period.
The expenses increased to Rs 1,334 crore from Rs 1,301 crore in the said period.
According to the company, sugarcane crushing remained down 54 per cent, sugar production fell 48 per cent due to lower cane availability, and the distillery segment was impacted by regulatory issues and reduced cane supply.
“Despite facing challenges in distillery operations due to regulatory issues, the sugar segment has continued to perform well in a seasonally soft quarter, benefiting from higher volumes and realisations,” Balrampur Chini Mills Chairman and Managing Director Vivek Saraogi said.
The company is focusing on cane development and varietal rebalancing to address supply issues.
IMD has forecast normal monsoon rains for the upcoming season, which could improve yields.
Balrampur Chini expects higher cane availability in Uttar Pradesh, while lower acreage may reduce supply in Maharashtra and Karnataka, the filing added.
Shares of the company settled marginally up at Rs 495.55 per piece on the BSE on Monday.
(Only the headline and picture of this report may have been reworked by the Times Todaystaff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Aug 12 2024 | 10:05 PM IST
