The Board of Directors of Magadh Sugar & Energy Limited (MSEL) (BSE: 540650 / NSE: MAGADSUGAR) at its meeting held on 06thFebruary, 2020 took on record the Unaudited Financial Results for the quarter ended 31stDecember, 2019.
|Particulars (Rs crore)||Q3
|EPS (Rs.) (not annualized)||14.76||9.53||20.36||0.66|
Commenting on the results, Mr. C.S. Nopany, Chairperson, Magadh Sugar & Energy Ltd said:
“The sugar season 2019-20 is expected to have a much lower quantum of sugar produced – the latest estimates being 26 million tonnes. Primarily, lower output from Maharashtra, Karnataka and Tamil Nadu has contributed to the reduction in the glut and a welcome diversion of sugarcane into the production of ethanol from B – Heavy molasses. These have resulted in prices remaining stable as the surplus inventory is being exported due to a proactive and pragmatic policy of the Central Government.”
The Board of Directors of the Company has accorded their consent to the capex project of setting up of 75KLPD Distillery including installation of incineration boiler at its unit at Bharat Sugar Mills, Sidhwalia at an estimated cost of Rs.158.60crs to be funded by mix of debt and internal accruals.