The refinery division delivered strong performance due to firm international sugar prices and high export volumes.
Shree Renuka Sugars Limited – one of India’s largest sugar and green energy (ethanol and renewable power) producer and a subsidiary of Wilmar Sugar and Energy Pte Ltd (formerly known as Wilmar Sugar Holdings Pte Ltd) Singapore – has reported its financial performance for the quarter and year ended March 31, 2024.
In FY24, Company posted 25 per cent growth in revenue from Rs 91,065 million to Rs 1,13,674 million. Company’s EBITDA for the year stood at Rs 7,560 million, an increase of 5 per cent over the last year of Rs 7,196 million. In FY24, the company strategically invested Rs 3,450 million in Anamika to derisk the business geographically. Company’s Profit Before Tax Loss for the year widened to negative Rs 4,618 Mn vs negative Rs 1,796 million over the last year.
In Q4FY24 company’s Revenue went up by 25 per cent from Rs 86,862 million to Rs 108,981 million. Company’s EBITDA for FY24 was sustained at last year’s levels – Rs 7,195 million. The refinery division delivered strong performance due to firm international sugar prices and high export volumes. Ethanol and Sugar segment were a drag due to restrictive government policy on Ethanol.
Atul Chaturvedi, Executive Chairman said, “The company has displayed strong momentum, anchored by the Refinery division’s strong performance driven by firm international sugar prices and high export volumes. The domestic business was impacted due to lower production & sales volumes on account of drought induced low cane availability and restrictive policies on Ethanol.
Our flagship Consumer Pack brand Madhur continued to grow. Further, higher net realization especially in domestic sugar and refinery businesses resulted in stable Q4 performance. Our consolidated total income has increased by 25 per cent over the previous year. The company’s resilience is driven by its robust business model”.
Sunil Ranka, Chief Financial Officer said, “Shree Renuka Sugars has delivered a stable financial performance driven by the strong topline and consolidated EBITDA growth of 5 per cent. Though our company’s EBITDA is comparable amongst the peers, the interest cost has escalated due to the upward movement in the borrowing rates along with additional working capital requirements for our refinery division thereby resulting in higher interest burden and impacting the profitability of the Company”
