Sakthi Sugars share price slumps 10%, here's why
₹38.15 per share on February 12, against previous close at ₹42.35 per share. The sugar manufacturer posted a standalone net loss of ₹4265.61 lakhs for the quarter ended on December 31, 2023, against a net profit of ₹1946.84 lakhs last year same period. Also read: MCX share price plunges 9% on weak Q3 results; here's what the analyst says Sequentially, the sugar company reported a 171% year-on-year rise in its net loss from ₹1570.67 lakhs in the second quarter, according to the exchange filing.
Sakthi Sugars' revenue from operations is also down 18% to ₹15088.44 lakhs in the December quarter 2023 from ₹18621.34 lakhs last year same period. The total segment revenue or sales of the company stood at ₹20443.88 lakhs, down from 26815.45 lakhs a year ago. The company further said in its exchange filing that it has sold its sugar and distillery units at Dhenkanal for a consideration of ₹13410 lakhs on slump sale basis and recognised ₹5624.98 lakhs as profit on disposal of Dhenkanal units, during FY 2022-23.
Also read: Hero MotoCorp share price declines 5% : 4 reasons why Jefferies sees more than 20% upside for the stock Last year, Asset Reconstruction Company had sold 9.56 lakh Sakthi Sugars shares on June 22 and 7.42 lakh shares in June 16. Asset Reconstruction Company had picked a partial stake in Sakthi Sugars after Indian Overseas Bank dragged the company to NCLT for a ₹46 crore loan default. Sakthi Sugars stock has gained nearly 34.57 percent in the last one month and 53.83 percent in the last six months.
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