Ruchi Soya Industries Limited Q2 (2013-14)

November 14, 2013; Mumbai: Ruchi Soya Industries Limited (Ruchi Soya) has announced its unaudited financial results for the quarter (Q2) and six months (H1) ended on September 30, 2013. During the second quarter of FY2013-14, Ruchi Soya registered net sales of Rs. 6,052.01 crore, an increase of 11.51% from Rs. 5,427.23 crore during the corresponding Q2 in the last financial year. Net profit stood at Rs. 2.58 crore. Sale of branded products recorded at Rs. 1,649.03 crore, rose by 11.33% from Rs. 1,481.27 crore.During the first six months of the FY2013-14that ended on September 30, 2013, net sales recordedat Rs. 10,906.56crore, registering anincrease of 4.52% from Rs. 10,435.14 croreduring the corresponding H1in the last fiscal. Net Profit stood at Rs. 5.66crore. Commenting on the performance, Managing Director, Mr. Dinesh Shahra said, “The anomaly in import duty structure on crude and refined palm oil in India continues to hit the performance of oil refining industry in India. Steep depreciation of USD INR Exchange rateand the consequent higher hedging cost also resulted in lower profits during the last two quarters. We hope that the Government of India will soon take appropriate action to correct theanomalyin the import duty structure.Branded sales of Ruchi Soya as percentage of total sales has been growing in quantitative as well as value terms. Textured Soya Proteins as a category has been growing, providing great business opportunity.”The Board of Directors also approved the purchase of the oil refining business of Ruchi Infrastructure Limited being run at a plant situated at Kakinada, in the state of Andhra Pradesh, as a going concern for a lump sum consideration of approximately Rs. 44 crore subject to adjustment for value of assets and liabilities as on the date of closing in accordance with the business transfer agreement. The oil refinery business proposed to be purchased includes land, building, the refinery plant and its associated facilities, oil storage tanks, the net current assets and the long term foreign currency loans and other liabilities. Mr. Dinesh Shahra on the proposed purchase said, “The refinery unit is located near Kakinada port with dedicated pipeline connectivity between the port and the unit. The proposed purchase of refinerybusiness with 800 TPD refining capacity at Kakinada will expand the Company’s reach in southern parts of India, more particularly, Andhra Pradesh. Keeping in view, the long term prospects of food industry in India, we believe that this acquisition will add strategic value to the Company and its stakeholders.”Ruchi Soya Industries Limited Ruchi Soya is India’s leading FMCG Company, India’s number one cooking oil and soya food maker and marketer. An Integrated player from farm to fork, Ruchi Soya has secured access to oil palm plantations in India and other key regions of the world. Ruchi Soya is also the highest exporter of soya meal, lecithin and other food ingredients from India. Ruchi Soya is committed to renewable energy and exploring suitable opportunities in the sector. FMGC


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