Kolkata, India: Magadh Sugar & Energy Limited (MSEL) has announced its unaudited Financial Results for the Quarter and Nine Months ended December 31, 2023. The Board of Directors, at its meeting held on February 13, 2024, reviewed and approved these results.
Q3FY24
- Total Income for Q3FY24 stood at Rs. 219 Cr compared to Rs. 210 Cr in Q3FY23.
- EBITDA for Q3FY24 was Rs. 62 Cr, up from Rs. 45 Cr in Q3FY23.
- PAT for Q3FY24 amounted to Rs. 39 Cr, an increase from Rs. 22 Cr in Q3FY23.
9MFY24
- The total income for 9MFY24 stands at Rs. 810 Cr, marking a significant increase compared to Rs. 656 Cr in 9MFY23. EBITDA for 9MFY24 has surged to Rs. 134 Cr, showing a substantial rise from Rs. 64 Cr in 9MFY23. The Profit After Tax (PAT) for 9MFY24 amounts to Rs. 70 Cr, a notable improvement from Rs. 15 Cr in 9MFY23.
Mr. C.S. Nopany, Chairperson of Magadh Sugar & Energy Ltd, commented on the results, stating, “In light of recent government notifications, including adjustments to sugarcane prices in Bihar and ethanol procurement targets, challenges have emerged. However, our commitment to sustainable growth and our integrated approach continue to guide us forward. Amidst these challenges, we remain focused on leveraging synergies and creating long-term value for our stakeholders. Together, we aim to turn challenges into opportunities and solidify our position as industry leaders.”
He further added, “At Magadh, our pursuit of excellence extends beyond sugar, with increased ethanol capacity driving net worth, profitable growth, and energy efficiency. Strategic investments form a robust foundation, positioning us to capitalize on opportunities in the sugar and ethanol sectors. Looking ahead, we plan to further invest in our Narkatiagunj unit to expand crushing capacity, enhance ethanol production, and improve energy efficiency.”
About Magadh Sugar & Energy Limited
Magadh Sugar & Energy Limited was incorporated on March 19, 2015, with the primary objective of dealing in sugar and sugar products, spirits and alcohol, and other products related to the sugar business. The company operates three sugar mills located at New Swadeshi Sugar Mills, Narkatiaganj (District West Champaran, Bihar), Bharat Sugar Mills (District Sidhwalia, Bihar), and Hasanpur Sugar Mills, Hasanpur (District Samastipur, Bihar), with a combined crushing capacity of 19,000 TCD. Additionally, the company operates two distilleries for ethanol production at Narkatiaganj and Sidhwalia, with a total ethanol capacity of 155 KLPD. The company also has a Co-gen facility capable of generating 38 MW of power.
