Sugar major Triveni Engineering and Industries has reported a consolidated net loss of Rs 32.57 crore for the quarter ended March 31, 2012.
The company had reported a net profit of Rs 23.52 crore in the year-ago period, it said in a filing to the BSE.
Net sales of the company rose by 11 per cent to Rs 505.22 crore in the January-March quarter from Rs 455.01 crore in the same period of the previous year.
In a statement, the company's Chairman Dhruv Sawhney said that sugar industry in Uttar Pradesh is reeling under cost pressure.
"In spite of improved availability of cane and higher sugar production in Uttar Pradesh, owing to high sugar cane cost and low recoveries (especially in West UP), the industry in the State is reeling under cost pressure, which cannot be met from the prevailing sugar prices," he said.
Sugar inventories were accordingly written down to the estimated realisation prices. However, if sugar realisation improves, the same will be reversed resulting in better
profitability in the coming quarters, he added.
On the progress of Triveni's other businesses, Sawhney said that in the engineering businesses, the outstanding order book is over Rs 500 crore, with water and gears business getting good orders in the current quarter in comparison to the previous quarter.
Triveni is one of the largest integrated sugar producers in the country, with a sugarcane-crushing capacity of 61,000 tonne per day, 68 mega watt of power co-generation and 160 kilo-litre per day of distillery production.
Shares of the company today fell by 3.18 per cent to settle at Rs 14.29 a piece from its previous close at the BSE.