Strong sugarcane arrivals, export realisations and sugar recovery have contributed to Ponni Sugars (Erode) Ltd more than doubling its net profit for the third quarter ended December 31, 2011 as compared to the corresponding quarter of the previous year.
The company has reported a profit after tax of Rs 8.26 crore (Rs 4.03 crore) for the third quarter of the current year on gross sales of Rs 99.64 crore (Rs 96.16 crore).
The company expects to commission its 15-MW cogeneration plant by March 2012 which will add over Rs 45-50 crore to its topline during a full year of operation. The plant will generate a surplus of about 10 MW which can be fed into the grid to generate revenue.
The Rs 102-crore project is on schedule and project cost is well under control, said a company press release.