MSEL Magadh Sugar & Energy Limited (MSEL) reported a Profit After Tax (PAT) of Rs 39 crore, marking an increase from Rs 22 crore recorded in the same quarter of the previous fiscal year, Q3FY23.
The Total Income for the third quarter of FY24 stood at Rs 219 crore, exhibiting a modest growth compared to the previous year's Q3FY23 figure of Rs 210 crore.
The Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) for Q3FY24 also showed a notable improvement, reaching Rs 62 crore, as opposed to Rs 45 crore reported in Q3FY23.
In the nine-month period of FY24, the company said its Total Income for 9MFY24 soared to Rs 810 crore, significantly surpassing the corresponding period of the previous fiscal year, 9MFY23, which recorded Rs 656 crore.
Similarly, the EBITDA for the nine-month period of FY24 witnessed a remarkable surge, reaching Rs 134 crore, in sharp contrast to the Rs 64 crore reported in 9MFY23.
Furthermore, the PAT for 9MFY24 exhibited an exceptional performance, reaching Rs 70 crore, a substantial increase from Rs 15 crore reported in 9MFY23.
Magadh Sugar & Energy Ltd Chairperson C.S. Nopany said, “In light of recent government notifications, including the rise in sugarcane prices in Bihar and adjustments to ethanol procurement targets, challenges have arisen. Amidst these complexities, we stand firm in leveraging synergies and fostering long-term value for our stakeholders.
“At Magadh, our pursuit of excellence extends beyond sugar, with increased ethanol capacity driving net worth, profitable growth, and energy efficiency. Strategic investments form a strong foundation, positioning us to seize opportunities in the sugar and ethanol sectors. Looking ahead, we plan further capital investment at our Narkatiagunj unit for increased crushing capacity, ethanol debottlenecking, and enhanced energy efficiency."
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