Triveni Engineering & Industries Ltd. reported net profit at Rs.85.6 crore for the quarter which ended on March 31, up from Rs.59.52 crore registered during the same period in the previous fiscal.
Total income from operations for the quarter stood at Rs.447.84 crore, down from Rs.456.93 crore at the same time the year before.
The company reported a consolidated profit of Rs.152.06 crore for the 2014-15 financial year while clocking net sales worth Rs.2,061.02 crore, as per a company statement released here on Wednesday.
“During the year under review, sugar operations continued its losses on account of the steep decline in sugar prices. Even the subsidies notified by the UP Government are inadequate to mitigate the losses,” said Dhruv M. Sawhney, Chairman and Managing Director of the group.
Sawhney explained that with production likely to hit 28 million tonnes, prices would continue remain depressed unless the industry’s demand of a buffer stock being created to mop up surplus sugar is not realised. He also advocated cane pricing reforms along with a one-time financial restructuring to help manufacturers in the sugar sector.
“Our co-generation and distillery businesses performed well during the year which helped in countering the losses of the sugar business, but only to some extent,” he added.
With regard to their engineering businesses, Sawhney added that sentiments had improved over the last year but momentum in terms of fresh investment and order booking was not visible yet.
“This has continued to weigh down on the capital goods sector and has taken its toll on our engineering businesses as projects and product off-takes have been deferred by many customers, apart from delays in order finalisation.” he said.
Among the largest integrated sugar producers in India with manufacturing facilities, co-generation units and a distillery, Triveni also produces engineered-to-order high speed gears and gearboxes is a leading player in the water and wastewater management business.