Magadh Sugar & Energy Ltd reports earnings for Q2FY22

The Board of Directors of Magadh Sugar & Energy Limited (MSEL) (BSE: 540650 / NSE: MAGADSUGAR) at its meeting held on November 10th 2021, took on record the audited Financial Results for the Quarter Ended September 30th 2021.

Key Highlights: Financial Performance Highlights:

Q2 FY22

• Total Income was Rs. 198 crore, as against Rs. 212 crore in Q2FY21
• EBITDA stood at Rs. 11 crore as against Rs. 5 crore in Q2 FY21
• PAT at Rs - 3 crore as against Rs -10 crore in Q2 FY 21

Commenting on the results, Mr. C.S. Nopany, Chairperson, Magadh Sugar & Energy Ltd said: "Erratic and heavy rainfall has had a significant impact on the agricultural scenario in Bihar with the sugarcane crop severely being affected due to floods and unseasonal heavy rains in October 2021. While this will have an impact on sugar and ethanol production in Bihar, the firming of sugar prices should help the industry to reduce the impact of the fall in production. The pragmatic policies of the Central and the State Governments of encouraging ethanol production has helped in reducing the sugar glut in India by diverting sugarcane into ethanol production and reducing sugar production. Furthermore, strong exports due to a global shortfall in sugar production has also helped improve the demand-supply equation.

At Magadh, we are committed in improving profitability by improving operational efficiencies and cane development. We continue to work closely with the farmers to enhance the productivity and varieties of sugarcane that is beneficial to them. Magadh Sugar is also setting up a greenfield Distillery in Sidhwalia plant which is likely to come into production in December 2021. This will certainly help in enhancing the operational cash flow and reduce the Company's dependence only on sugar but diversify its product portfolio.

Shares of Magadh Sugar & Energy Limited was last trading in BSE at Rs. 285.05 as compared to the previous close of Rs. 301.90. The total number of shares traded during the day was 16506 in over 741 trades.

The stock hit an intraday high of Rs. 296.00 and intraday low of 280.15. The net turnover during the day was Rs. 4707624.00.

Source : Equity Bulls

Keywords

MagadhSugarandEnergyLimited INE347W01011 MAGADSUGAR Sugar Q2FY22 ResultUpdate