Avadh Sugar & Energy Limited (ASEL) reported total income at Rs621cr in the quarter ended September 30, 2021, the same as the period a year ago. EBITDA stood at Rs76cr in Q2FY22 as against Rs55cr in Q2 FY21. Profit After Tax (PAT) rose 257% to Rs25cr as against Rs7cr in Q2FY21. Closing stock inventory stood at 19.07 lakh quintals as against 30.90 lakh quintals, the company said in a filing on Thursday.
For the first half of the current fiscal (H1FY22) total income stood at Rs1240cr as against Rs1,184cr in H1FY21. EBITDA stood at Rs147cr as against Rs110cr in H1FY21. PAT at Rs44cr in H1FY22 as against Rs17cr in HYFY21.
“A strong push towards ethanol manufacturing and sugar exports due to a shortfall in production in other sugar producing nations, sugar prices have firmed up during the current quarter. Sugar production in India is likely to be lower due to unseasonal, erratic and excessive rainfall during the current year and diversion of sugarcane into Ethanol manufacturing reducing the glut like situation that has been prevailing in the past few seasons. The U.P Government has increased the price of sugarcane by Rs. 25/qtl for the season 2021-22 to offset the increase in costs. Overall, it appears that balance is being restored in the supply-demand equation due to the pragmatic and forward looking policies of both the Central and the State Governments,” C.S. Nopany, Co-Chairperson, Avadh Sugar & Energy Ltd, said.
“Avadh is continuing to focus on efficiency improvement and profitability enhancement by way of fiscal consolidation, modernization and expansion of ethanol capacity. The Company will continue to focus on deleveraging and capitalize on the opportunities that are currently prevailing,” Nopany added.
Avadh Sugar & Energy Ltd. stock trade on Friday ended at Rs452.30 per piece down Rs2.25 or 0.49% on the BSE.
The above news was originally posted on www.indiainfoline.com
