India Ratings said that the upgrade reflects the improvement in SRSL's business and financial profile in FY23, led by an improvement in the profitability and successful commencement of expanded distillery operations.

Shree Renuka Sugars is one of the leading sugar manufacturers in India with a track record of over 25 years. Its operations are integrated, encompassing crushing of cane, refining of raw sugar, ethanol production and power generation.

The company reported a net loss of Rs 138.20 crore in the quarter ended June 2023 as against net loss of Rs 113.30 crore during the previous quarter ended June 2022. Sales rose 16.95% to Rs 2284.00 crore in Q1 FY24 over Q1 FY23.

The scrip rose 0.29% to currently trade at Rs 45.05 on the BSE.