Magadh Sugar & Energy Ltd Q2FY23: PAT stood at Rs 6.69 cr, ethanol sales at Rs 69.89 lakh liters
Mumbai/IBNS: Magadh Sugar & Energy Limited (MSEL) (BSE: 540650 / NSE: MAGADSUGAR) reported a PAT of Rs 6.69 crores as against Rs 3.02 crores in Q2FY22.
Ethanol sales stood at 69.89 lakh liters, a growth of 62 percent YoY, due to the commencement of production at the new distillery at Sidhwalia Unit.
Sugar stock stood at 2.12 lacs QTL as against 7.59 lacs QTL in Q2FY22.
Commenting on the results, Magadh Sugar & Energy Ltd Chairperson C.S. Nopany, “The Indian Sugar Industry is ramping up its investment and improvement in cane varieties and ethanol production."
The cyclicality in the sugar sector is diminishing and India now is a sugar-surplus country.
India’s sugar exports have been robust in SS 2021-22.
October to September is generally considered the sugar season or SS in India.
The upcoming sugar season looks promising with the prospects of sugar exports buoyed by a weakening Rupee and a higher diversion into ethanol in order to meet the blending target of 10% that would balance the sugar demand and supply in SS 2022-23, he said.
"At Magadh, to align with the government’s thrust on ethanol, we almost doubled our Ethanol capacity in FY22. The company is well-positioned to capitalize this opportunity resulting in an increase in profitability in the long run. Our well-strategized business model will help create value for stakeholders,” Nopany said.