Shree Renuka Sugars Ltd has reported a 67 per decline in its consolidated net profit at Rs 14.2 crore in the quarter ended on December 31, 2022 on higher expenses.

Its net profit stood at Rs 43.3 crore in the year-ago period.

Total income rose to Rs 2,563.2 crore in the third quarter of this fiscal from Rs 2,025.3 crore in the corresponding period of the previous year, according to a regulatory filing.

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The total expenses increased to Rs 2,548.4 crore in the October-December quarter from Rs 1,981.8 crore in the same period of previous fiscal.

During the April-December period of this fiscal, the company posted a net loss of Rs 241.3 crore as against a net loss of Rs 295.5 crore a year ago.

Total income rose to Rs 6,736.5 crore in the first nine months of this financial year from Rs 4,310.9 crore in the corresponding period of this fiscal year.

In a separate filing, the company said it has commenced commissioning activities of its expanded ethanol production capacity at Athani (from 300 to 450 kilo litre per day) and at Munoli (from 120 to 500 kilo litre per day).

After completion of the commissioning activities, the company’s ethanol production capacity will stand increased from 720 to 1,250 kilo litre per day.

Shree Renuka Sugar, a subsidiary of Wilmar Sugar Holdings Pte Ltd, Singapore, is one of the leading sugar firm in India. It also makes ethanol. PTI MJH SHW