Shares of Shree Renuka Sugars experienced a significant setback in the early trade on November 9, plunging by 3 percent following the company’s announcement of a net loss of Rs 205.6 crore for the September quarter.
The sweetener company faced challenges as its net loss expanded from Rs 141.6 crore in the year-ago quarter, primarily attributed to the impact of elevated input costs. The figures underscored the hurdles posed by rising operational expenses, affecting the company’s profitability.
Despite the challenges, Shree Renuka Sugars reported a consolidated revenue growth of 16.8 percent YoY, reaching Rs 2,554.7 crore. The increase in revenue indicated the company’s ability to generate substantial sales, highlighting its market presence and customer demand for its products.
However, the widening loss raised concerns among investors, leading to a dip in the stock’s value. As of 11:24 am, the stock was trading at ₹49.90, reflecting a 3.29 percent decline on the NSE compared to the closing price of the previous session.