Electronic income

Ruchi Soya Q4 profit decreases by 25% to Rs 234.33 cr; revenues increase by 37%

Edible oil giant Ruchi Soya Industries Ltd on Friday announced a 25% drop in its standalone net profit to Rs 234.33 crore for the March 2022 quarter, mainly due to higher tax charges.

Its net profit stood at Rs 314.33 crore in the prior year period.

The company’s total revenue rose to Rs 6,676.19 crore in the fourth quarter from Rs 4,859.5 crore in the corresponding period last year.

Net profit rose to Rs 806.3 crore in 2021-22 from Rs 680.77 crore a year ago.

Total revenue jumped to Rs 24,284.38 crore in the last financial year from Rs 16,382.97 crore in 2020-21.

Its tax expenditure amounted to around Rs 61 crore during the quarter. The company had received a tax credit of Rs 166 crore in the prior year period.

The company also announced a dividend of Rs 5 per share for shareholders.

Ruchi Soya was acquired by Baba Ramdev led-Patanjali Group in 2019 for Rs 4,350 crore through an insolvency process.

Recently, Patanjali Ayurved announced the sale of its food retail business to group company Ruchi Soya Industries Ltd for Rs 690 crore as part of its strategy to focus on non-food, traditional medicine business. and well-being.

Ruchi Soya Industries Ltd recently raised Rs 4,300 crore through a follow-on public offering (FPO).

The participation of the promoters was reduced to 80.82% and the public participation to 19.18%. The company used the proceeds from the FPO to repay 100% of its bank and long-term borrowings.

Ruchi Soya sells its products under brands such as Ruchi Gold, Mahakosh, Sunrich, Nutrela, Ruchi Star and Ruchi Sunlight. It has one of the largest palm oil plantation businesses in India with over 56,000 hectares under oil palm cultivation, engaging with over 39,000 farmers in nine Indian states.

The company is also active in the renewable wind energy sector, of which 19% is used for captive consumption.

(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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