Mumbai, April 21
SIMBHAOLI Sugar Mills Ltd reported a profit after tax of Rs 5.15 crore for the fourth quarter of 2004-05, against the year-ago profits of Rs 3.31 crore.
Sales for the quarter moved up to Rs 180.59 crore (Rs 74.43 crore).
For the full year, profit after tax was Rs 11.85 crore compared to a net loss of Rs 4.08 crore.
Gross turnover touched Rs 509.42 crore (Rs 338.99 crore) and sales (net of excise), including other income, was Rs 395.33 crore (Rs 233.34 crore).
Mr G. M. S. Mann, Chairman and Managing Director, SSML, said that thanks to the realisation of higher unit price and concentration on production of value-added products, the company's profit before exceptional item and tax has touched Rs 46.80 crore as against a loss of Rs 6.37 crore in 2003-04, and profit after tax and exceptional items was Rs 11.85 crore as against a loss of Rs 4.08 crore during the previous year.
SSML had imported 71,000 tonnes of raw sugar for processing during the last fiscal.
"Now, the company has plans to process a total of over one-lakh tonnes of raw sugar during 2005-06 through energy-saving measures," he said.
Further, SSML also plans to expand crushing capacity to 9,500 tcd so that in addition to 750 m.t. of refined sugar production capacity, raw sugar of 200 tonnes can be produced per day at steam consumption of 36 per cent, said Mr G. S. C. Rao, Executive Director, SSML.
The total cost of expansion is nearly Rs 80 crore. For its funds requirement, the company plans to enter the capital market, he said at a conference.
For the retail market, the company has its own 1 kg and 5 kg packs under the brand name `TRUST'. In 2004-05, SSML started producing 100 m.t. of pharma grade sugar.
The unit is also producing specialty sugar such as table sugar, sugar cubes and coffee sugar (Demerara).