Letter enclosed
PONNIERODE · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
On the reaction day the stock moved 2.7 pts more than Nifty Microcap 250 and 1.3 pts more than its Sugar peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Ponni Sugars reported strong FY2025-26 results with profit after tax of Rs 4,803 lakhs, up 149% from Rs 1,928 lakhs in FY25, driven primarily by Rs 5,164 lakhs in exceptional items. Revenue from operations grew 15.5% to Rs 41,499 lakhs (from Rs 35,946 lakhs). The exceptional items include Rs 2,975 lakhs from tariff revision and Rs 1,548 lakhs carrying cost following an APTEL judgment in the company's favor for additional power tariff. The company also took a Rs 2,053 lakhs write-down of MAT credit receivable and Rs 634 lakhs additional tax provision for earlier years due to ongoing transfer pricing disputes with tax authorities. The Board recommended a dividend of Rs 5 per share. The auditor issued an unmodified opinion but included emphasis of matter notes on the APTEL revenue recognition and tax dispute.
The exceptional gains boosted FY26 profits significantly, but investors should note that recurring operating profit before exceptional items was Rs 3,861 lakhs (vs Rs 2,804 lakhs), showing underlying operating improvement of 37.7%. The Rs 5 dividend per share provides direct shareholder reward. The transfer pricing tax dispute adds uncertainty as the company may face further tax liabilities.