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Ruchi Soya Industries has registered 11.51% growth in net sales in the second quarter ended on 30 September, 2013. The company’s net profit stood at Rs 2.58 Crore for the quarter. Net sales of the company for the first six months of the financial year has been increased by 4.52% as compared to its performance in the same period last year. Net profit for this period stood at Rs 5.66 Crore.
Commenting on the performance, Dinesh Shahra, MD, Ruchi Soya Industries said, “The anomaly in import duty structure on crude and refined palm oil in India continues to hit the oil refining industry in India. Steep depreciation of US Dollar- Indian Rupee exchange rate and the consequent higher hedging cost has also led to lower profits in last two quarters.”
The board of directors at the company also approved purchase of oil refining business of Ruchi Infrastructure situated in Kakinada, Andhra Pradesh for around Rs 44 crore. The purchase will expand the company’s reach in southern parts of the country, especially Andhra Pradesh. Keeping in view the long term prospects of the food industry in India, we believe the acquisition will add strategic value to the company and its stakeholders, said Shahra.