Dwarikesh Sugar Industries profit rises 50% in Q1; stock dips marginally

In July 2021, the company has embarked upon a project to set up a 175 KLPD distillery at our Dwarikesh Dham Unit in Bareilly, Uttar Pradesh.

Jul 30, 2021 01:07 IST India Infoline News Service

Dwarikesh Sugar Industries Ltd announced its audited financial results for the quarter ended June 30, 2021.

During Q1FY22, the company reported a total income of Rs393.25cr, profit before tax of Rs35.63cr and profit after tax of Rs27.10cr. While profit before tax registered an increase of 40%, profit after tax registered an increase of 50% over profit before tax and profit after tax respectively of the corresponding quarter last year.

The stock is currently trading at Rs78 down by Rs0.4 or 0.51% from its previous closing of Rs78.40 on the BSE. The scrip opened at Rs78.05 and has touched a high and low of Rs79.15 and Rs77.25 respectively.

“Country production estimate for SS 2020-21 is pegged at 30.9 million tons of sugar after considering sacrifice of 2 million tons of sugar in favor of ethanol. ISMA has estimated that production of sugar during SS 2021-22 will be 31 million tons after considering sacrifice of 3.4 million tons of sugar in favor of ethanol,” Vijay S. Banka, Managing Director, Dwarikesh Sugar Industries Ltd. said.

In July 2021, our Company has embarked upon a project to set up a 175 KLPD distillery at our Dwarikesh Dham Unit in Bareilly, Uttar Pradesh. LOIs for the critical equipment have been issued. It is expected that the new distillery involving an outlay of approximately Rs. 232 crores will be operational in 15 to 16 months’ time.

“At Dwarikesh, focus on efficiency is persistent and is reflected in higher recoveries clocked season after season,” Vijay S. Banka added.

Related Story

Open Free Demat Account (Rs699)