Magadh Sugar & Energy sees 336 per cent year on year growth in EBITDA in first half of FY2020
Kolkata/IBNS: Part of KK Birla Group of Sugar Companies, Magadh Sugar & Energy Limited (MSEL), which released its audited financial results for the half year and quarter ended September 30, 2019, reported a net profit of Rs 1.77 crore at the end of the quarter compared to a net loss of Rs 13.90 crore in the year-ago quarter.
For the half year ending September 30, the company posted net profit of Rs 7.89 crore compared to a loss of Rs 12.50 crore in the same period of the previous year..
C.S. Nopany, Chairperson, Magadh Sugar & Energy Ltd said, “After a few years of strong headwinds, due to over-production in India, we are now expecting a dip in sugar production in 2019-20 by almost 20% due to crop destruction on account of heavy rainfall in various states. The new export policy mandating 50 lakh tons of sugar to be exported along with a renewed thrust on the Ethanol programme will have a buoyant impact on the sugar industry.We at Magadh Sugar and Energy Limited have always achieved our best efficiencies and with the positive market dynamics we expect to perform better this year.”
The company was incorporated in March 2015 with main object to deal in sugar and sugar products, spirits and alcohol of denatured of any strength and all other products arising out of the manufacturing process of sugar or resultant of any activity related to sugar business, generation of power through various means.
The company is having three sugar mills at New Swadeshi Sugar Mills, Narkatiaganj (District West Champaran, Bihar), Bharat Sugar Mills (District Sidhwalia, Bihar), Hansanpur Sugar Mills, Hasanpur (District Samastipur, Bihar) with a combined crushing capacity of 17,500 TCD.
The company has one distillery at Narkatiganj with a total capacity of 60 KLPD.
The company also has a Cogen facility and can generate 38 MW power.