Deprecation of the euro against the dollar has impacted Karuturi Global Ltd’s profits, which fell 5.45 per cent to Rs 16.81 crore (on consolidated basis) for the second quarter this fiscal.
The company’s income from operations was also lower by 7.01 per cent to Rs 124.35 crore, compared with the same quarter last year.
The EPS stood at Rs 0.21 (against Rs 0.40 recorded last year).
According to Sai Ramakrishna S. Karuturi, Chairman and Managing Director: “We have started harvesting and selling the first major crop at our agriculture project in Bako and Gambella, in Ethiopia, on October 24.
After operationalisation of the agri project in Ethiopia, interest cost is being charged to profit and loss, and the corresponding income will reflect in next quarter upon completion of the harvest.”