Ruchi Soya Q2 profit soars 17-fold

Edible oil producer Ruchi Soya today reported about 17-fold jump in its standalone net profit to Rs 65.66 crore for the quarter ended September 30, 2012 on better realisation from exports.

The Mumbai-based company had posted a net profit of Rs 3.78 crore in the year-ago period, it said in filing to the BSE.

The standalone net sales of the soyabean products exporter, however, declined by about 12 per cent to Rs 5,391.33 crore in the second quarter of the current fiscal against Rs 6,093.13 crore in the same quarter period of 2011-12 fiscal.

"Better sales realisation of Soya extraction and exports and favourable business sentiments towards the end of the quarter helped us to get profit on the track," Ruchi Soya Managing Director Dinesh Shahra said.

Price parity was restored in the import of crude oil and refining business as the government of India has eliminated taxation anomalies since August 2012, he added.

Shahra said the future outlook is bright following record sowing of soyabean crop in the country.

"With the highest ever Soya crop in the current season in India, we are expecting better utilisation of our crushing capacities. Also the business sentiments improving, we are hopeful about achieving better utilisation of our refining facilities at port based locations," he said.

Ruchi Soya is thus hoping that its financial performance will be far better during the current fiscal, Shahra added.

A leading producer of edible oils, soya foods, vanaspati and bakery fats, Ruchi Soya is also a major exporter of soya meal, lecithin and other food ingredients from India.

Shares of the company at 1310 hours were ruling at Rs 68.25, down marginally by 0.58 per cent from its previous close at the BSE.

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