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HomeIndustry & UpdatesMagadh Sugar & Energy stock hold steady despite Q2 profit contracts to...

Magadh Sugar & Energy stock hold steady despite Q2 profit contracts to Rs3cr

The Board of Directors of Magadh Sugar & Energy Limited on November 10, 2021, took on record the audited Financial Results for the Quarter Ended September 30, 2021.

Financial Performance Highlights:

    • Total Income was Rs198cr, as against Rs212cr in Q2FY21
    • EBITDA stood at Rs11cr as against Rs5cr in Q2 FY21
    • PAT at Rs(3cr) as against Rs(10cr) in Q2 FY 21
Commenting on the results, C.S. Nopany, Chairperson, Magadh Sugar & Energy Ltd said, “Erratic and heavy rainfall has had a significant impact on the agricultural scenario in Bihar with the sugarcane crop severely being affected due to floods and unseasonal heavy rains in October 2021. While this will have an impact on sugar and ethanol production in Bihar, the firming of sugar prices should help the industry to reduce the impact of the fall in production.

The pragmatic policies of the Central and the State Governments of encouraging ethanol production has helped in reducing the sugar glut in India by diverting sugarcane into ethanol production and reducing sugar production. Furthermore, strong exports due to a global shortfall in sugar production has also helped improve the demand-supply equation.

At Magadh, we are committed in improving profitability by improving operational efficiencies and cane development. We continue to work closely with the farmers to enhance the productivity and varieties of sugarcane that is beneficial to them. Magadh Sugar is also setting up a greenfield Distillery in Sidhwalia plant which is likely to come into production in December 2021.

This will certainly help in enhancing the operational cash flow and reduce the Company’s dependence only on sugar but diversify its product portfolio.

At around 10:47 AM, Magadh Sugaar was trading at Rs286.60 per piece lower by 0.54% on Sensex.

The above news was originally posted on www.indiainfoline.com

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