Triveni Engineering & Industries (TEIL) has said that it has faced a loss of Rs. 14.23 crore during the third quarter ending on June 30.

The company is basically into the business of sugar and like the other companies in the sector has faced the brunt of the lower price and loss on the production front.

TEIL follows October-September as its accounting year which is in line with the year followed in sugar production as well. During the same period of the last year, it was having a profit of Rs. 39.81 crore.

Talking to media, TEIL Executive Director Nikhil Sawhney said, "Sugar has been disappointing. It is the sugar operations which have gone from Rs 50 crore net profit to Rs 57 crore loss in this quarter. This is due to weak sugar prices."

He also added that unlike the last year, this year is going to be better. And the good monsoon in the sugarcane producing region is a sign that the things will change for positive.

However, net income of the firm which is also in the business of engineering has gone up by 14 per cent.