India's Shree Renuka Sugars falls on posting Q3 loss

DWARIKESH SUGAR INDUSTRIES

12/02/2024 07:03

** Shares of Shree Renuka Sugars  SRES.NS  trims some losses
to trade 5.5% lower; down as much as 6.4% at 49.2 rupees earlier
in the session
    ** Co on Friday posted consol net loss of 1.72 bln rupees
($20.7 mln) for Dec-qtr compared with a profit of 143 mln rupees
a year earlier
    ** Its expenses rose 23% y/y, outpacing rev growth of 18%
    ** Peers K.M. Sugar Mills  KMSU.NS , Dwarikesh Sugar
Industries  DWAR.NS , Triveni Engineering  TREI.NS  posted fall
in Q3 profit, while Dalmia Bharat Sugar  DLMI.NS  reported a
flat profit
    ** SRES set for worst one-day fall since Dec. 8, when sugar
stocks fell after govt's plans to curb ethanol production
    ** Stock fell ~19% in 2023, after gaining for three
consecutive years  





($1 = 82.9925 Indian rupees)

 (Reporting by Anuran Sadhu in Bengaluru)
 ((Anuran.Sadhu@thomsonreuters.com ;))