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Ruchi Soya Q2 profit at Rs 16 crore

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Crisis-hit Ruchi Soya, which is facing bankruptcy proceedings, Wednesday reported a net profit of Rs 15.71 crore for the quarter ended September 30. The company posted a net loss of Rs 2,882.71 crore in the year-ago period, according to a regulatory filing.

According to a PTI report: Total income rose marginally to Rs 3,142.69 crore from Rs 3,088.76 crore in the year-ago period.

Finance cost declined to Rs 2.35 crore from Rs 299.48 crore earlier.

The company has not recognised interest payable worth Rs 749.47 crore for the first half 2018-19 and Rs 345.61 crore for 2017-18 after commencement of the insolvency proceedings in December 2017.

Adani Wilmar, which sells cooking oil under the Fortune brand, and Baba Ramdev-led Patanjali are in the fray to acquire debt-ridden Ruchi Soya. Ruchi Soya has a total debt of about Rs 12,000 crore. The company has many manufacturing plants and its leading brands include Nutrela, Mahakosh, Sunrich, Ruchi Star and Ruchi Gold.

In December 2017, Ruchi Soya Industries entered into the Corporate Insolvency Resolution Process (CIRP) and Shailendra Ajmera was appointed as the RP.

The appointment was made by the National Company Law Tribunal (NCLT) on the application of the creditors Standard Chartered Bank and DBS Bank, under the Insolvency and Bankruptcy Code.

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