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Shree Renuka Sugars, a subsidiary of Wilmar Sugar Holdings Pte Ltd Singapore, on Tuesday reported narrowing of its consolidated loss to Rs 113.9 crore during the quarter ending June.

The company had posted a loss of Rs 241 crore during the corresponding quarter of the previous financial year, Shree Renuka Sugars said in a regulatory filing.

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However, revenue from operations of the company jumped over two-fold to Rs 1,953 crore during the quarter under review compared to Rs 829.5 crore in the year-ago period.

“This quarter’s results must be seen in the light of soaring global inflation, high interest rates, high crude prices and weakening currency. Commodity markets remain very volatile, compelling the government to resort to export restrictions,” Shree Renuka Sugars Executive Chairman Atul Chaturvedi said.

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Revenues have grown significantly across all segments with better sales realisation, he stated.

“With the onset of a good monsoon in the country, we anticipate better sugarcane availability in the upcoming season (October-September) also.

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“Besides improving the balance sheet and cash flows of sugar mills, higher ethanol sales has ensured timely payment of cane dues to farmers and balanced out sugar inventories. We remain very optimistic in the financial performance and overall growth of our company,” he added. PTI SM SHW

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