Shree Renuka Sugars registers 132% YoY growth in PAT at Rs434 million in Q3FY22

Total income for Q3FY22 up by 43% at 19,816 million over the previous year.

February 14, 2022 4:05 IST | India Infoline News Service
Shree Renuka Sugars Limited - one of India’s largest sugar and green energy (ethanol and renewable power) producers and a subsidiary of Wilmar Sugar Holdings Pte Ltd, Singapore – has reported its financial performance for the quarter ended December 31, 2021.

The company’s total income was up by 43% yoy at 19,816 million in Q3FY22 over Rs13,903 million in Q3Fy21, driven by a massive 67% increase in ethanol sales and catch-up in refinery shipments with better realization. A 69% growth in EBITDA – which stands at Rs1,780 million compared to Rs1,052 million during the same quarter last year.

The company saw a sharp turnaround in Profit Before Tax (PBT) which stands at Rs436 million as against a loss of Rs59 million year on year basis. It also witnessed 132% increase in Profit After Tax (PAT) at Rs434 million compared to loss of Rs1,355 million in the previous year.

Shree Renuka Sugars Ltd stock trade on Monday ended at Rs35.50 per piece down by Rs1.3 or 3.53% from its previous closing of Rs36.80 per piece  on the BSE.

Atul Chaturvedi, Executive Chairman, said: “This quarter’s results are a testimony to our constant and consistent focus on operational excellence and delivering the best results to our partners, shareholders and investors. Our total income has increased by 43% over the previous year. Revenues have grown significantly on account of massive increase in ethanol sales and an increase in refinery shipments with better realization. This is also reflected in our standalone profit before tax of a sharp turnaround increase year-on-year.

This year, ethanol has been a real game-changer in the Indian sugar sector. Now, the sector does not need to drop prices at the start of the crushing season. This year, we have witnessed that the diversion of cane juice to ethanol is much higher as compared to the previous years. This will ensure that the sugar availability is much more regulated.”

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