Narendra Murkumbi, MD, Shree Renuka Sugars, was the ‘Entrepreneur of the year’ award at The Economic Times Awards, 2010. A year later, his company has lifted ET’s ‘Emerging Company of the Year’ award. The company has just completed a successful turnaround and of two loss-making sugar companies it acquired in Brazil a little over a year ago.
Since takeover in March 2010, Renuka Vale do Ivai notched its fifth straight quarter of profits while Renuka do Brasil (formerly Equipav), acquired in July 2010, posted its first quarter of profit recently. In the nine months ended June 2011, Renuka’s Brazilian operations contributed 65% to the company’s bottom line of Rs 186 crore. What’s more, the turnaround was effected with the same set of employees at the four mills in Brazil.