Ruchi Soya Industries Q1 net up 26%

Commodity prices both in India and overseas markets were firm as compared to corresponding quarter.

Edible oil-maker Ruchi Soya Industries on Thursday posted a 26 per cent growth in net profit at Rs 66 crore for the quarter ended June 30,compared to the same period last fiscal.

The company’s net profit stood at Rs 52.41 crore in the first quarter of 2010-11,Ruchi Soya Industries said in a release issued. Net sales in Q1 rose by 71 per cent to Rs 5,898.89 crore from Rs 3,457.04 crore in the corresponding period last year.

We are pleased to report excellent performance of the company for the first quarter of FY 2011-12. Commodity prices both in India and overseas markets were firm as compared to the corresponding quarter in the previous year,hence,the turnover in Q1 saw a significant rise,” Ruchi Soya Industries Managing Director Dinesh Shahra said. The company expects higher utilisation of production facilities,export and branded sales volumes in the current year,he said.

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“We are geared to cater to the strong growth in the domestic consumption of edible oil,more particularly in the retail segment,” he added.

The board of directors of the company also recommended a dividend of 25 per cent on the equity share capital for the financial year 2010-11. Shares of the company on Thursday closed Rs 94.60,up by 1.07 per cent on the Bombay Stock Exchange.

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