The Hindu Business Line : Tax provisioning pushes down Ruchi Soya net

RUCHI Soya Industries Ltd (RSIL) has ended the year with a net profit of Rs 25.76 crore compared to Rs 30.2 crore in the previous year. The company said the net profit was down because of higher provisioning of tax including deferred tax at Rs 10 crore.

Net sales moved up by 20 per cent to Rs 3,411.22 crore compared to Rs 2,839.07 crore.

"RSIL is confident in maintaining its growth in the coming years by launching competitively priced products, by persistent communication, increasing its distribution reach as well as explore newer markets,'' the company said in a press release.

It has stepped up its brand-building efforts. "RSIL's specific focus on creating an `As pure as 24-karat gold' brand for its Ruchi Gold range of edible oils and `Pro Gro-proteins for growth' for its Nutrela range of soya products during the current year is a major step towards creating brand identity,'' the release said quoting Mr Dinesh Shahra, Managing Director, RSIL.

The company aims at increasing its market share by focussing on integration of operations and strengthening its brand portfolio. Ruchi Soya is considering brand extension under the name Nutrela and Ruchi Gold, and is planning to ease out one-two new products in the current year. Also the thrust will be to offer numerous pack sizes of these products so that consumers have different alternatives to choose from.

The company has augmented its capital base during the year through the infusion of equity capital placed on a preferential basis by issuing 19,00,000 equity shares of Rs 10 each at a premium of Rs 43 per share in accordance with the SEBI guidelines.

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