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Thursday / February 22. 2024
HomeAgribusinessShree Renuka Sugars remains steadfast and progressing ahead in Q3 FY24

Shree Renuka Sugars remains steadfast and progressing ahead in Q3 FY24

The operating performance continues to be driven by higher Revenues and EBITDA due to improved realizations across all segments.

Shree Renuka Sugars Limited – one of India’s largest sugars and Green Energy (ethanol and renewable power) producer and a subsidiary of Wilmar Sugar Holdings Pte Ltd, Singapore – has reported its financial performance for the quarter and nine months ended December 31, 2023.

 Highlights for 9MFY24:

  • Total income for 9MFY24 up by 16 per cent over the previous year from Rs 65,993 to INR 76,763 million.
  • The EBITDA for 9MFY24 stood at Rs 4,785 Mn, an increase by 10 per cent over last year of Rs 4,368 million.
  • Domestic sugar sales volume was up by 3 per cent at 247K MT.
  • Refinery exported 1,026K MT vs 1,062 MT in LY.

 Sales realisation rose to Rs 56K/MT vs 43K/MT LY in view of the firm international values.  Distillery produced during 9MFY24, 11.73 Crores litres Vs 12.16 Crores litres LY due to regulatory ban on ethanol production from cane juice and limiting production from BH molasses.

Atul Chaturvedi, Executive Chairman, said, “The third quarter’s results reflect our steadfast growth in our operations despite the regulatory headwinds of restricted production of Cane Juice & ‘B’ Heavy Ethanol. The global economy continues to face multiple macroeconomic and geopolitical shocks. In spite, of all these challenges, Renuka is successfully progressing ahead. Our total income for 9MFY24 has increased by 18 per cent over the previous year. The company posted a strong 9MFY24 performance driven by improved realizations across all segments.”

Sunil Ranka, Chief Financial Officer said, “Renuka Consol has delivered a stable financial performance in the third quarter with an 9MFY24 EBITDA growth of 13 per cent. Refinery revenues and margins were better as compared to the previous year, which has enabled the EBITDA levels to move upwards to Rs 4,743 Mn from Rs 4,213 million in the previous year. Cane production is likely to be lower in Karnataka and Maharashtra States. Our Anamika acquisition in U.P. (North India) has vindicated the strategy of de-risking geographically and the said unit has performed well as compared over last year which is included in the above results.”

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