Avadh Sugar & Energy Limited on Tuesday reported Total Income at Rs619cr, a growth of 10% yoy over Rs564cr in Q1FY21. EBITDA stood at Rs70 cr a growth of 25% yoy as against Rs56cr in Q1 Y21. PAT stood at Rs19cr a growth of 90% yoy as against Rs10cr in Q1FY21. Inventory of sugar stood at 32.88 lakh quintals as of June 30, 2021, the company said.
“Strong exports during the current season and diversion of sugar to B-Heavy ethanol helped controlling India’s ballooning sugar production. Erratic rainfall during the growth period also resulted in lower sugarcane yield in North India while the Southern States witnessed a sharp rebound in production,” C.S. Nopany, Co-Chairperson, Avadh Sugar & Energy Ltd said.
“GOI’s commitment to ethanol blending remains strong as it contributes towards reduction of India’s net petroleum imports and save foreign exchange outgo. Ramp-up of ethanol capacities will result in balancing the sugar inventory level. Uttar Pradesh has achieved an ethanol blending of 9.89%, the highest in the country followed by 9.68% in Karnataka and 9.59% in Maharashtra. The Credit profile of integrated sugar mills is likely to improve significantly in 2022-23 due to increase in distillery capacity, improving sugar inventory position and higher ethanol supply,” he added.
Key Highlights:
- Ethanol capacity to ramp up by the mid of FY23 to enhance profitability
- ASEL with increased cash flow aims at debt reduction
- Average Realisation Q1FY22: Rs3,262/quintal
The company stock ended at Rs493.00 per piece down Rs8.00 or 1.60% after touching a day’s high of Rs504.70 per piece at one point of time
The above news was originally posted on www.indiainfoline.com
