Magadh Sugar & Energy Limited (MSEL) said its Profit After Tax (PAT) for FY 23 amounted to Rs 50.26 crores, showing a 9% increase compared to Rs. 46.02 crores in FY 22.
MSEL also reported positive growth in its Earnings Before Interest, Taxes, Depreciation, and Amortization (EBIDTA) for FY 23. The EBIDTA stood at Rs 133 crores, reflecting a 5% increase from Rs 127 crores in FY 22.
The growth in MSEL’s ethanol sales can be attributed to the commencement of production at their new distillery unit in Sidhwalia in FY 22.
The company sold 398.95 lakh litres of ethanol, marking a substantial 67% year-on-year growth.
MSEL achieved an increase in sugarcane crushing during FY 23.
The crushing volume reached 219.13 lacs qtl, representing a significant rise of 35% compared to 161.83 lacs qtl in FY 22.
The board of directors of MSEL has declared a dividend of Rs 7 per share on the face value of Rs 10 each.
Commenting on the results, Magadh Sugar & Energy Ltd Chairperson C.S. Nopany 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, he said.
However, another producing state 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,” he added.
“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,” Nopany stated
