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Dalmia Bharat Sugar and Industries has reported an eight per cent fall in net profit at Rs 54.39 crore for the June quarter of 2019-20 financial year on poor sales.
Net profit in the year-ago period stood at Rs 59.11 crore, the company said in a regulatory filing. Total income declined to Rs 600.16 crore during April-June 2019-20 from Rs 658.90 crore in the same quarter of the previous fiscal. Expenses remained lower at Rs 531.46 crore as against Rs 597.08 crore in the said period.
“Given sugar glut in the country, the central and state governments have provided proactive support to the industry. There may be slight respite in the ensuing season with outlook of reduced production of 28 million tonne which may bring down the inventory levels. These levels may still be very high and pressure on the industry may continue,” the company said.
It said it remains optimistic that the government will continue to pro-actively take measures to address the crisis and improve the sugar dynamics in the coming years. Dalmia Bharat Sugar and Industries has business interests in integrated sugar (including cogen and distillery), wind farms, magnesite and miscellaneous businesses.
The company has three sugar factories in Uttar Pradesh (Jawaharpur, Nigohi and Ramgarh) and two in Maharashtra (Kolhapur and Sangli).
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