Quarterly Earnings : ASEL & MSEL
The Board of Directors of Avadh Sugar & Energy Limited (ASEL) (BSE: 540649 / NSE: AVADHSUGAR) at its meeting held on May 08, 2023 took on record the audited Financial Results for the Quarter and Full Year Ended 31st March 2023.
§ Revenue from operations in FY 23 at Rs. 2798 crore as against Rs. 2744 crores in FY 22.
§ EBIDTA in FY 23 at Rs 264 cr as against Rs 307 cr in FY 22, showing a decline of 14%.
§ PAT at Rs 100 cr as against Rs 124 cr in FY 22, reflecting a decline of 19%.
§ Profitability was impacted due to lower recovery on account of Red Rot disease in Sugarcane.
§ The board of directors of the company has declared a dividend of ` Rs 10 per share on face value of ₹ 10 each.
Commenting on the results, Mr. C.S. Nopany, Co-Chairperson, Avadh Sugar & Energy Ltd said:“The Indian Sugar Industry, after a year of record exports, continues to be a bellwether of the global sugar industry and is fuelling India’s consumption, energy security and exports. With a lower than anticipated sugar production and an overall cap on exports, prices are expected to remain stable. Uttar Pradesh saw lower recovery of sugar due to the dominant sugarcane variety being affected by the Red Rod disease. Avadh had started an aggressive varietal change program and we should start seeing results from the next season onwards. With higher quantum of crushing in this season ethanol production received a boost. The structural changes over the past few years are reflected in the performance of the industry on the back of reduced cyclicality.
At Avadh, reducing our leverage through reduction of debt and other non-current liabilities have helped the Company create a solid platform for growth as well as improved productivity through our strategic investments. We hope to continue to add value to our stakeholders and look forward to a strong FY24.”
The Board of Directors of Magadh Sugar & Energy Limited (MSEL)
(BSE: 540650 / NSE: MAGADSUGAR) at its meeting held on May 09, 2023, took on record the audited Financial Results for the Quarter and Full Year ended March 31, 2023.
FY23 – Financial & Operational Highlights:
• EBIDTA in FY23 was Rs 133 cr as against Rs 127 cr in FY22, showing an increase of 5%
• PAT in FY23 was Rs 50.26 crores as against Rs. 46.02 crores in FY22, reflecting an increase of 9%
• Ethanol sale at 398.95 lakh litres, growth of 67 % YoY, due to commencement of production at new distillery at Sidhwalia Unit in FY22.
• Sugarcane crushing was at 219.13 lacs qtl as against 161.83 lacs qtl in FY 22, a rise of 35%.
• The board of directors of the company has declared a dividend of ` 7 per share on face value of ` 10 each.
Commenting on the results, Mr. C.S. Nopany, Chairperson, Magadh Sugar & Energy Ltd said “The Indian Sugar Industry continues to be an important pillar in the country’s growth. Globally, as one of the largest producers, India’s importance was underscored in this SS2022/23, as a cap on Indian exports has led to a rise in global prices. Domestically, this season saw an improvement in crushing and recoveries in Bihar, after a dismal performance last year due to unseasonal rains and floods. However, other producing states Maharashtra saw a reduction in production. Overall, SS2022/23 is likely to see lower production, lower exports and stable prices.
At Magadh, along with our performance in the sugar segment, the Ethanol segment also bettered its performance on the back of our new Ethanol Plant. This is a testament to the strategic investments that we continue to make to capitalize on the burgeoning opportunities in the sector. Our debt reduction continues, and we have a strong base to build our growth story for the forthcoming quarters as we continue to deliver value to all our stakeholders.”