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Ponni Sugars (Erode) Ltd: not so sweet 2012-13

Sugar industry was on a rough patch facing several challenges and Ponni Sugars (Erode) was no exception. India floundered yet again to capitalise on world sugar prices by restricting and rationing export quotas and was lackadaisical to let go a golden opportunity through aggressive exports at lucrative world prices. The price for domestic sugar slid from Rs 3800 per quintal to below Rs 3000 per quintal in Tamil Nadu while the sugarcane price was significantly hiked by both Centre and state. Turnover for the company was Rs 211.12 crore with a profit after tax of Rs 19.11 crore.  Central government decision to decontrol sugar (not sugarcane) and the cogeneration project were the two sugary happenings in the salty year.  PSL’s sale volume declined by 33 per cent due to sluggish market conditions. The persistent drought led to operating at just 50 per cent of the potential.

 

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