Ruchi Soya’s Q2 net tumbles 94%

18 Nov 2011 Evaluate

Ruchi Soya Industries has reported results for the second quarter ended September 30, 2011.

The company’s net profit for the quarter has tumbled 94.06% at Rs 3.78 crore as compared to Rs 63.63 crore for the corresponding quarter of the previous year. The company’s net sales has increased by 59.65% at Rs 6075.89 crore for the quarter under review from Rs 3805.83 crore for the corresponding quarter of the previous fiscal.

The margin of the quarter has been impacted by the higher raw material prices, volatility in the commodity prices and marked to market (MTM) provisions due to steep fall in the USD-INR exchange rate. The provision for unrealized loss of Rs 84.93 crore on restatement of the monetary items at the close of the quarter is primarily on account of the USD borrowing.

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