Lucknow/IBNS: The Board of Directors of Avadh Sugar & Energy Limited (ASEL) (BSE:540649 / NSE: AVADHSUGAR) at recently held board meeting took on record the un-audited Financial Results for the Ninemonthsand Quarterended December 2019.
The company's total income for Q3 FY 20 rose to Rs 872 crore compared to Rs 522 crore in Q3 FY 19 while it was Rs 1792 crore for 9M FY 20 against Rs 1599 during the same period last year, the company said in its statement.
EBITDA Q3 FY 20 was Rs 49 crore while EBIDTA for Q3 FY 19 was Rs 50 crore. EBITDA for 9M FY 20 was Rs 171 crore against Rs 147 crore in FY19, it added.
Commenting on the results, Mr. C.S. Nopany, Co-Chairperson, Avadh Sugar & Energy Ltd said: "The bench mark raw sugar prices rose to two year high of 14.90 cent per pound in International market, madeIndian sugar viable for buyer in West and South Asia, propping up domestic prices as well, the company said in its statement."
The overall sugar production in India is experiencing a steep downfall of nearly 24 per cent on account of lower output from Maharashtra a major producing state, enabling the industry to overcome the glut situation, he added.
The sugar export policy will further aid the millers to clear their stocks.Furthermore, the ethanol production push by the Government of India has benefited theintegrated sugar millers to a large extent, he said.
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