India's Ponni Sugars gains as profit surges 67%

Ponni Sugars (Erode)

31/10/2022 04:07

** Shares in Ponni Sugars  PONS.NS  rise as much as 20% to
an over five-month high of 291.20 rupees on upbeat earnings
report from Friday evening
    ** Stock on course for its best day in one year and four
months
    ** The sugar maker said its profit surged around 67% to
217.3 million Indian rupees ($2.64 million) for the quarter
ended Sept. 30, helped by an increase in sugarcane cultivation
    ** "The worst worrisome years of successive drought have
thankfully been behind us and our operational area, like the
rest of Tamil Nadu, benefited by copious monsoon showers in the
last two years," Ponni wrote in a letter to its shareholders
    ** Co's revenue from operations climbed about 66% to 1.50
billion rupees; co adds it would build on the performance in the
second half of the fiscal year
    ** Through last close, shares had gained nearly 14% this
year
($1 = 82.3525 Indian rupees)
 (Reporting by Praveen Paramasivam)
 ((Praveen.Paramasivam@thomsonreuters.com;))