Ruchi Soya Q3 net up over two-fold at Rs 49.41 cr

MUMBAI: Edible oil company Ruchi Soya Industries today reported over two-fold jump in net profit at Rs 49.41 crore for the third quarter ended December, 2012, on robust sales.

The company's net profit stood at Rs 24.05 crore for the quarter under review, Ruchi Soya said in a release.

Ruchi Soya's net sales rose by 17.56 per cent to Rs 8,175.16 crore in the third quarter from Rs 6,954.29 crore in the same period last year.

The sale of branded products rose by 23 per cent to Rs 1,689.59 crore from Rs 1,374.23 crore, while export of soyameal improved by 47 per cent to Rs 1,300.83 crore from Rs 883.16 crore in the review period, it said.

"Improved branded sales, better sales realisation of oilseed extraction, effective control on the costs and favourable business sentiments helped us to get profit on the track," Ruchi Soya Managing Director Dinesh Shahra said.

The refining capacity utlisation improved by 8.85 per cent from 4.78 lakh tonnes to 5.20 lakh tonnes during the third quarter of the 2012-13 fiscal, it added.

A leading producer of edible oils, soya foods, vanaspati and bakery fats, Ruchi Soya is also a major exporter of soya meal, lecithin and other food ingredients from India.

The company's shares today rose by 2.04 per cent to settle at Rs 67.40 apiece on the BSE.