The Board of Directors of Avadh Sugar & Energy Limited (ASEL) (BSE: 540649 / NSE: AVADHSUGAR) at its meeting held on Aug 03, 2023 took on record the audited Financial Results for the Quarter Ended 30th June 2023.
Financial Highlights:
Q1FY24
⦁ Revenue from operations in Q1FY24 at Rs. 682 Cr as against Rs. 688 Cr in Q1FY23, lower due to lower allotment of domestic quota of sugar.
⦁ EBITDA in Q1FY24 at Rs 73 Cr as against Rs 64 Cr in Q1FY23, YoY growth of 14%.
⦁ Higher crushing in SS 2022-23 at 602 Lac Qlts, as against 534 Lac Qtls in SS 2021-22, increase of 13%.
Commenting on the results, Mr. C.S. Nopany, Co-Chairperson, Avadh Sugar & Energy Ltd said:“Despite initial expectations, SS 22-23 has experienced a lower-than-anticipated, domestic sugar production and a notable decline in overall exports. Ethanol has become a mainstay of the Sugar Industry and has not only helped the energy security of the country but has also helped us transform from a sugar company into a bio-fuels organization.
At Avadh, we have embraced this transformation, and this is visible in our evolving revenue mix, enhanced margins and improved leveraging. We continue to invest our efforts at cost and production optimization to help deliver strong returns to our stakeholders, keeping balance between growth and deleveraging.”
The Board of Directors of Magadh Sugar & Energy Limited (MSEL) (BSE: 540650 / NSE: MAGADSUGAR) at its meeting held on Aug 04, 2023, took on record the audited Financial Results for the Quarter ended June 30, 2023.
Q1FY24 – Financial & Operational Highlights:
⦁ EBIDTA in Q1FY24 was Rs 38 Crs. as against Rs 16 Crs. in Q1FY23
⦁ PAT in Q1FY24 was Rs 16 Crs. as against Rs 0.1 Crs. in Q1FY23.
⦁ Ethanol sale at 134.65 lakh litres, growth of 8% YoY, due to commencement of production at new distillery at Sidhwalia Unit in FY22.
⦁ Cane Crushing in SS 22-23 was higher by 41% at 228 Lac Qtls.
Commenting on the results, Mr. C.S. Nopany, Chairperson, Magadh Sugar & Energy Ltd said:“India’s significance as one of the largest sugar producers was highlighted during SS2022/23 when a cap on Indian exports contributed to an upsurge in global sugar prices. Bihar showed promising improvements in crushing and recoveries this season, bouncing back from a challenging performance last year due to adverse weather conditions like unseasonal rains and floods. As we move forward into SS2023/24, it is crucial to adapt to the changing landscape and brace ourselves for reduced exports
At Magadh, our pursuit of excellence extends beyond the sugar segment, the Company’s enhanced ethanol capacity has initiated a virtuous cycle of net worth-driven profitable growth coupled with energy efficiency. These investments have helped us create a strong base to capitalize on the growth potential of both the sugar as well as Ethanol sectors. This convergence of positive attributes is expected to strengthen the Company’s fundamentals and enhance stakeholder value in a sustainable way.”
