Sakuma Exports Limited, a leading company in the agricultural sector, announced its quarterly results for December 2023.
In the third quarter of the financial year 2023-24, the company is showing strong growth. Its consolidated operating revenue in the third quarter of FY24 was Rs 777.06 crore. This is a growth of over 115% from Rs 360.50 crore in Q2 FY24. However, this is a considerable decline when comparing revenues of operating on an annual basis. The company had reported an operating revenue of Rs 80.95 crore in the third quarter of FY23.
The company’s net profit increased to Rs 6.45 crore, indicating an increase in profit over previous quarters, a jump of 136% on a sequential basis. The company’s net profit in Q2FY24 was 2.73 crores.
However, the profit declined on a year-on-year basis as the company reported a net profit of Rs 7.08 crore in the third quarter of FY23.
Earlier, the food company said it would start sourcing directly from farmers with a specific focus on capturing the potential of emerging markets in eastern India.
“By embarking on corn sourcing, the company aims to operate various industries, including the production of ethanol and ethanol-based products, thereby significantly contributing to sustainable development and economic prosperity,” the company said in a statement.
The announcement is significant because it comes at a time when trade estimates suggest corn prices rose 20 percent in the first two weeks of January compared to October prices.
