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Total income of Magadh Sugar & Energy Ltd touches Rs 282 crore in Q3 FY 20
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Total income of Magadh Sugar & Energy Ltd touches Rs 282 crore in Q3 FY 20

India Blooms News Service | @indiablooms | 18 Mar 2020, 06:53 pm

Kolkata/IBNS: The Board of Directors of Magadh Sugar & Energy Limited (MSEL) (BSE: 540650 / NSE: MAGADSUGAR) at its meeting held recently took on record the Unaudited Financial Results for the quarter ended 31 st December,2019.

The company's total income for Q3 FY 20 rose to Rs 282 crore compared to Rs 143 crore in Q3 FY 19 while it was Rs 628 crore for 9M FY 20 against Rs 536 during the same period last year, the company said in its statement.

EBITDA Q3 FY 20 was Rs 47 crore while EBIDTA for Q3 FY 19 was Rs 30 crore. EBITDA for 9M FY 20 was Rs 95 crore against Rs 41 crore in FY19, it added.

Commenting on the results, Mr. C.S. Nopany, Chairperson, Magadh Sugar & Energy Ltd said: "The sugar season 2019-20 is expected to have a much lower quantum of sugar produced - the latest estimates being 26 million tonnes. Primarily, lower output from Maharashtra, Karnataka and Tamil Nadu has contributed to the reduction in the glut and a welcome diversion of sugarcane into the production of ethanol from B – Heavy molasses."

These have resulted in prices remaining stable as the surplus inventory is being exported due to a proactive and pragmatic policy of the Central Government, he added.