Business

Ruchi Soya March Quarter Loss At Rs 41 Crore, Shares Fall

Ruchi Soya March Quarter Loss At Rs 41 Crore, Shares Fall

Ruchi Soya shares fell as much as 5 per cent on Monday

Patanjali Ayurved subsidiary Ruchi Soya on Friday reported a net loss of Rs 41.25 crore for the quarter ended March 31, as against a profit of Rs 32.11 crore in the corresponding period a year ago. In a regulatory filing after market hours, Ruchi Soya said its total income came in at Rs 3,209.02 crore in the January-March period, up 1.01 per cent compared to the year-ago period. Ruchi Soya shares fell as much as 5 per cent on Monday.

Revenue from the oil business grew 4.46 per cent to Rs 2.771.53 crore, whereas that from seed extraction and food products units declined 33.26 per cent and 0.93 per cent respectively.

However, profit for the full financial year grew 100 times to Rs 7,672.02 crore, from Rs 76.72 crore for the year ended March 31, 2019. Revenue increased 2.70 per cent to Rs 13,175.37 crore in 2019-20. 

The company said the coronavirus (COVID-19) pandemic in the country and around the globe "is causing significant disturbance and slowdown of economic activity". Measures taken to contain the spread of the coronavirus have triggered significant disruptions to businesses worldwide, resulting in an economic slowdown, it said. The nationwide lockdown to curb the spread of COVID-19 led to significant reduction in economic activities.

"Though the distribution and supply chain network has been impacted but the company is ensuring the movement of edible oils and soya food products to the end consumers. However, the company's operations are not much impacted due to COVID-19 pandemic," Ruchi Soya said.

At 11:50 am, shares in Ruchi Soya Industries were stuck in the lower circuit at Rs 1,431.95 on the BSE compared to their previous close of Rs 1,507.30, underperforming the benchmark Sensex index which was down 1.21 per cent.