Kolkata, West Bengal, November 08, 2022:The Board of Directors of Magadh Sugar & Energy Limited (MSEL) (BSE: 540650 / NSE: MAGADSUGAR) at its meeting held on 8th November , 2022, took on record the unaudited Financial Results for the Quarter ended 30thSeptember, 2022.
Q2 FY23 –Financial& Operational Highlights:
- PAT stood at Rs (.6.69 ) crores as against Rs.(3.02) crores in Q2FY22.
- Ethanol sale at 69.89 lakh liters, growth of62% YoY, due to commencement of production at new distillery at Sidhwalia Unit.
- Sugar stock stood at 2.12 lacs qtl as against 7.59 lacs qtl in Q2FY22 .
Commenting on the results, Mr. C.S. Nopany, Chairperson, Magadh Sugar & Energy Ltd said:
“The Indian Sugar Industry is ramping up its investment and improvement in cane varieties and ethanol production. The cyclicality in the sugar sector is diminishing and India now is a sugar surplus country. India’s sugar exports have been robust in SS 2021-22. The upcoming sugar season looks promising with the prospects of sugar exports buoyed by a weakening Rupee and a higher diversion into ethanol in order to meet the blending target of 10% that would balance the sugar demand and supply in SS 2022-23.
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At Magadh, to align with government’s thrust in ethanol, we almost doubled our Ethanol capacity in FY22The company is well positioned to capitalize this opportunity resulting in an increase in profitability in the long run. Our well strategized business model will help create value for stakeholders.”
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