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HomePosts Tagged "financial results for Q1 FY2023-24"
Company News, Finance, India, Sugar industry

Total income up by 18 per cent over the previous year from Rs 19,401 million to Rs 22,865 million Refinery contributed 70 per cent of the topline.

Shree Renuka Sugars Limited – one of India’s largest sugars and green energy (ethanol and renewable power) producers and a subsidiary of Wilmar Sugar Holdings Pte Ltd, Singapore has reported its financial performance for the quarter ended June 30, 2023.

Highlights of the results for Q1-FY24 are summarized below –

  • Total income up by 18 per cent over the previous year from Rs 19,401 million to Rs 22,865 million. Refinery contributed 70 per cent of the topline.
  • Gross profit has improved from Rs 3,048 million to 3,562 million up by 17 per cent.
  • EBITDA has improved from Rs 1,102 Mn to 1,468 million up by 33 per cent. EBITDA margin improved by 74 bps.
  • Volume growth was led by 1) Domestic sugar sales (up by 33 per cent) of which Consumer pack sales (grew by 9 per cent) and 2) Refinery (2 per cent).
  • Distillery had a record production of 4.67 crore litres despite being off season due to availability of stored molasses, compared to 4.62 crore litres produced in the previous year.

Atul Chaturvedi, Executive Chairman said, “This quarter’s results must be seen in the light of inflationary headwinds, high interest rates, weakening currency and disruption caused at our Kandla refinery by cyclone Biparjoy. We have commenced the first quarter on a positive note and achieved healthy growth. Our total income for the quarter has increased by 18 per cent over the previous year. Revenues have grown significantly across all segments with upside in our refinery and sugar business. The delay in the onset of monsoon in the country was offset due to the torrential rains in the sugarcane belts of Maharashtra and Karnataka in June and we anticipate adequate sugarcane availability in the upcoming season. With the further thrust on ESG initiatives, our organic manure “BHU SANJIVANI” was launched at our Munoli unit (Karnataka) recently which is expected to improve soil health and increasing farmer’s income by increasing quantity and quality of their crop yield.

 Sunil Ranka, Chief Financial Officer said, “Shree Renuka Sugars has delivered one of the best performances in the first quarter with a gross profit growth of about 17 per cent and EBITDA growth of 33 per cent. The current results demonstrate our unwavering commitment to operational excellence and providing superior results to our stakeholders.

High volumes and margins propped EBITDA up to Rs 1,468 Mn from EBITDA of Rs 1,102 million in the previous year. Even after increase in the FRP (fair and remunerative price), which is likely to lead to some cost escalation, the same should not pose a problem as the macro environment is supportive and the industry expects further upward improvement in the ethanol purchase price. Good monsoon, strong sugarcane planting and government policies will continue to keep Renuka on the accelerated growth path.”

Total income up by 18 per cent

Agro chems – Chemicals, Company News, Finance, India

The company has reported total income of Rs 388.99 crores during the period ended June 30, 2023, as compared to Rs 382.06 crores during the period ended June 30, 2022.

Agrochemical major, Hikal Limited has reported Consolidated financial results for the period ended June 30, 2023.The company has reported total income of Rs 388.99 crores during the period ended June 30, 2023, as compared to Rs 545.67 crores during the period ended March 31, 2023.

The company has posted net profit / (loss) of Rs. 6.92 crores for the period ended June 30, 2023 as against net profit / (loss) of Rs 36 crores for the period ended March 31, 2023. The company has reported EPS of Rs. 0.56 for the period ended June 30, 2023 as compared to Rs 2.92 for the period ended March 31, 2023.

Financial Results (Q1 FY2024) – YoY Comparison

The company has reported total income of Rs 388.99 crores during the period ended June 30, 2023, as compared to Rs 382.06 crores during the period ended June 30, 2022. The company has posted net profit / (loss) of Rs 6.92 crores for the period ended June 30, 2023, as against net profit / (loss) of Rs 8.86 crores for the period ended June 30, 2022. The company has reported EPS of Rs.0.56 for the period ended June 30, 2023, as compared to Rs 0.72 for the period ended June 30, 2022.

The company has reported total income of

Agro chems – Chemicals, Company News, Finance, India

The company has reported total income of Rs 663.7688 crores during the period ended June 30, 2023, as compared to Rs.844.7811 crores during the period ended June 30, 2022.

Agrochemical company, Sharda Cropchem Limited has reported Consolidated financial results for the period ended June 30, 2023.The company has reported total income of Rs 663.7688 crores during the period ended June 30, 2023 as compared to Rs 1488.8669 crores during the period ended March 31, 2023. The company has posted net profit / (loss) of Rs 88.6399 crores for the period ended June 30, 2023 as against net profit / (loss) of Rs 198.8348 crores for the period ended March 31, 2023.

The company has reported total income of Rs. 663.7688 crores during the period ended June 30, 2023 as compared to Rs.844.7811 crores during the period ended June 30, 2022.The company has posted net profit / (loss) of Rs 88.6399 crores for the period ended June 30, 2023 as against net profit / (loss) of Rs 22.6399 crores for the period ended June 30, 2022.

The company mentioned that raw material and finished goods sales price have reduced substantially. This has led to a stock revaluation as per Accounting Policy and has impacted the gross profit and profitability to the tune of Rs 71 crore.

The company’s revenue during the quarter declined 22.7 per cent year-on-year (YoY) to Rs 638 crore due to lower sales in Europe and the North American Free Trade Agreement (NAFTA) Region. The company said lower volumes in Europe and LATAM regions were on account of high inflation, ongoing recession and adverse weather conditions. It experienced significant decrease in product price realizations, especially in the US.

The company has reported total income of

Agro chems – Chemicals, Company News, Finance, India

Company registered sales of Rs 33,746.5 million in Q1 2023-2024, as compared to Rs 38,877.9 million in Q1 2022-23 representing a decrease of 13 per cent.

Agrochemical major, BASF India Limited has reported Profit Before Tax (before exceptional items) of Rs 1,518.7 million for the quarter ended June 30, 2023, as compared to profit before tax (before exceptional items) of Rs 2,641.4 million in the prior-year quarter. 

Company registered sales of Rs 33,746.5 million for the first quarter ended June 30, 2023, as compared to Rs. 38,877.9 million in the corresponding quarter of the previous year, representing a decrease of 13 per cent.

“Despite delayed monsoons the Agricultural Solutions team maintained their revenue growth at par with previous year. This led to better realizations in the market, contributed by the new products launched last year which continue to perform well. Most business segments are impacted due to higher input cost and softening of demand.” said Alexander Gerding, Managing Director, BASF India Limited.

Company registered sales of Rs 33,746.5 million