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HomePosts Tagged "Atul Chaturvedi"
Agribusiness, Company News, Finance, India, Sugar industry

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.”

The operating performance continues to be driven

Company News, Finance, India, Sugar industry

Company recorded total Sugar volumes up by 41%, Refinery Exports up by 19% and Ethanol Sales up by 20%

Shree Renuka Sugars Limited – one of India’s largest sugar 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 year ended March 31, 2023.

Highlights of the results for the quarter and Annual are summarized below –

Highlights – Q4 & Annual Performance FY23

Annual Revenue for FY23 up by 40 per cent over the previous year from Rs 62,091 Mn to Rs 86,862 Mn. Refinery contributed 67 per cent of the top line.

EBITDA for the year stood at Rs 7,197Mn, an increase of 51 per cent over the last year of Rs 4,781 Mn.

Distillery produced during the year, 19.6 Crores litres recording a growth of 19 per cent. Despatches up by 20 per cent to a record 19 Crore litres.

Expanded ethanol production capacity from 720KLPD to 1250 KLPD was commissioned in March 2023. The full impact of the expanded capacity would be available in the ensuing financial year.

Loss before exceptional items narrowed down from Rs (1,299 Mn) to Rs (1,227 Mn) decrease of 6 per cent, despite finance cost going up by 49 per cent.

At Consolidated level for the FY23, the total income went up by 40 per cent over the previous year from Rs 65,016 Mn to Rs 91,065Mn. The overall EBITDA stood at Rs 7,196 Mn up by 45 per cent as compared to Rs 4,971 Mn during the previous year.

Atul Chaturvedi, Executive Chairman said, “The company performance displayed strong momentum, anchored by domestic sugar and ethanol businesses despite early closure of crushing season. Domestic demand growth, improved capacity utilization and higher net realization, especially in sugar and refinery businesses, resulted in stable Q4 performance. Our total income has increased by 40% over the previous year. The expanded ethanol production capacity from 720KLPD to 1250 KLPD was commissioned in March 2023 and its full benefit is expected to be visible from the next financial year onwards. The company resilience is driven by its business model and strategy with improving capacity expansion and utilization.”

 Sunil Ranka, Chief Financial Officer commented, “Shree Renuka Sugars has delivered a stable financial performance driven by the highest ever strong topline and EBITDA growth of about 51 per cent. Though our Company’s EBITDA is better amongst the peers, stress in US & European Banks adversely influenced the domestic interest rates and kept the Rupee weak, thus resulting in higher interest burden and impacting the profitability of the Company. Our new bioethanol capacity expansions and increased market share of branded sugar are rebuilding our business to rejuvenate our growth story. We reaffirm our commitment to maximizing our growth and profitability.”

Company recorded total Sugar volumes up by

AgroPolicy, Dairy, Finance

According to the Secretary for the Department of Animal Husbandry & Dairy, an increase of 20 per cent in the budget in 2022-23 for Rashtriya Gokul Mission and National Program for Dairy Development will increase the productivity

The reduced alternate minimum tax and surcharge reduction for cooperative societies will benefit thousands of dairy cooperatives in India, which will result in higher income for the country’s 8 crore dairy farmers. This was stated by Atul Chaturvedi, Secretary for the Department of Animal Husbandry & Dairy while giving his opinion on the budget recently presented by the Union Finance Minister.

He said, “In 2022-23, the budget for livestock has been increased by 40 per cent, and central sector schemes have been increased by 48 per cent, indicating the government’s commitment to the growth of livestock and dairy farmers.”

Chaturvedi added, “An increase of 20 per cent in the budget in 2022-23 for Rashtriya Gokul Mission and National Program for Dairy Development will increase the productivity of the indigenous bovine population and quality milk production, benefitting eight crore dairy farmers.”

He underlined that the implementation of the One Health Mission with almost 60 per cent enhancement in fund allocation for Livestock Health and Disease Control for 2022-23 over the previous year will ensure healthier livestock and healthier India.

According to the Secretary for the Department