Shree Renuka Sugars posts Q4 loss on higher expenses

New Delhi: Shree Renuka Sugars Ltd posted a consolidated net loss of Rs 111.7 crore for the fourth quarter ended March 31, compared with a profit of Rs 44.6 crore a year earlier, due to higher expenses.

The sugar producer's total income rose to Rs 3,476.3 crore in the January-March period from Rs 2,370 crore a year ago.

However, total expenses increased to Rs 3,520.4 crore from Rs 2,319.6 crore in the same period last year, the company said in a regulatory filing on Thursday.

Shree Renuka incurred a deferred tax expense of Rs 65.1 crore and a cane expense of Rs 25.1 crore during the quarter.

For the full fiscal year 2023-24, the company's total income increased to Rs 11,367.4 crore from Rs 9,106.5 crore a year earlier.

Its net loss widened to Rs 627.2 crore from Rs 196.7 crore in 2022-23.

As of March 31, 2024, Shree Renuka's current liabilities exceeded current assets of Rs 2,562.8 crore and the group had a negative net worth of Rs 1,437.4 crore.

However, the management believes it will meet all financial obligations on time, the filing said.

Shree Renuka Sugars is one of India's largest sugar, green energy, renewable power producers and sugar refiners.