Share prices of one of the largest integrated sugar producer in India moved up by 5.22 percent to Rs. 345.25 from its previous close of Rs. 328.10, after the company announced its financial results for the December 2023 quarter.
With a market cap of Rs. 7,508.20 crore, shares of Triveni Engineering and Industries Ltd. opened at Rs. 330 on January 31. The company has delivered nearly 14.37 percent returns in the last six months, whereas it has given more than 19.9 percent in the last one year. So far, it has given negative returns of around 0.7 percent in 2024.
The fluctuations in the share prices were observed after the company announced its financial results on Monday, for the third quarter and nine months ended 31st December 2023, through a recent filing with the stock exchanges.
The net profit of the company increased by 372.41 percent in the December 2023 quarter at Rs. 137 crore from Rs. 29 crore in the September 2023 quarter.
However, the net profit on a year-on-year basis decreased by 6.80 percent to Rs. 137 crore in the December 2023 quarter from Rs. 147 crore in the December 2022 quarter.
The company’s revenue from operations also fell by nearly 10 percent year-on-year basis from Rs. 1,463 crore in the December 2022 quarter to Rs. 1,311 crore in the December 2023 quarter.
On a quarterly basis, the revenue from operations of the company decreased by 6.95 percent from Rs. 1,409 crore in the September 2023 quarter to Rs. 1,311 crore in the December 2023 quarter.
As of December 2023, FIIs hold 4.42 percent of the shares, whereas DIIs hold 8.47 percent of the shares in the company, aggregating to 12.89 percent of the institutional holdings. The Promoter’s holding remains unchanged at 60.98 percent since March 2023 quarter.
The Board has declared an Interim dividend of Rs 2.25 per share and fixed February 9 as the record date.
In addition, the board approved venturing into a new business of manufacturing, marketing and selling own brands in the premium segment of Indian Made Foreign Liquor (IMFL) as a forward integration of the distillery operations.
Triveni Engineering is acquiring 25.43 percent of the voting share capital of Sir Shadi Lal Enterprises Ltd. by purchasing 13,35,136 equity shares for a total consideration of Rs. 35,00,05,902.40.
A part of Triveni Group, Triveni Engineering and Industries Ltd. is one of the largest integrated sugar manufacturers in India and an integrated and diversified conglomerate in the areas of sugar, ethanol and engineering.
It is located strategically in the sugarcane-rich western and central belt of UP. The company is among the top 3 manufacturers in India for sugar & the second-highest supplier of ethanol.
Written by Shivani Singh
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