Kolkata, West Bengal, February 06 , 2023: The Board of Directors of Avadh Sugar & Energy Limited (ASEL) (BSE: 540649 / NSE: AVADHSUGAR) at its meeting held on February 06, 2023 took on record the audited Financial Results for the Quarter and Nine Months Ended 31st December 2022.
Financial Highlights:
Q3FY23
Total Income stood at Rs. 676 crore as against Rs. 747 crores in Q3FY22
Domestic Average Sugar Realisation was at Rs. 3,543 as against Rs. 3,552 per Qtl in Q3FY22
Profitability impacted due to increased cost of sugar produced in Sugar Season 2021-22, owing to increase in sugarcane prices, increase in levy quota of Molasses and revision of wages of workmen with retrospective effects
Commenting on the results, Mr. C.S. Nopany, Co-Chairperson, Avadh Sugar & Energy Ltd said:
“The Sugar industry, an important pillar of the Indian economy, continues to strengthen on the back of structural changes like the Government’s Ethanol push, Strong Domestic Consumption – especially modern foods, and Robust Exports. While initial trends for SS2023 suggest lower than estimated recoveries in key producing states like Uttar Pradesh and Maharashtra, due to adverse weather conditions, sugar prices are expected to remain stable in line with global scenario. Overall, the Sugar Industry in India continues to gain structural strength on the back of reduced cyclicality.
At Avadh, our focus on strengthening the balance sheet continues with reduction in leverage. Other measures such as investment towards improving operational and energy efficiency should help sustain profitable growth going forward.”
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