Avadh Sugar & Energy Limited – Quarterly Earnings Release | Q4 & FY23
Kolkata, West Bengal, May 13, 2023: The Board of Directors of Avadh Sugar & Energy Limited (ASEL) (BSE: 540649 / NSE: AVADHSUGAR) at its meeting held on May 08, 2023, took on record the Audited Financial Results for the Quarter and Full Year Ended 31st March 2023.
Financial Highlights: FY23
- Revenue from operations in FY 23 at Rs. 2798 crore as against Rs. 2744 crores in FY 22.
- EBIDTA in FY 23 at Rs 264 cr as against Rs 307 cr in FY 22, showing a decline of 14%.
- PAT at Rs 100 cr as against Rs 124 cr in FY 22, reflecting a decline of 19%.
- Profitability was impacted due to lower recovery on account of Red Rot disease in Sugarcane.
- The board of directors of the company has declared a dividend of ` Rs 10 per share on face value of ₹ 10 each.
Commenting on the results, Mr. C.S. Nopany, Co-Chairperson, of Avadh Sugar & Energy Ltd said: “The Indian Sugar Industry, after a year of record exports, continues to be a bellwether of the global sugar industry and is fuelling India’s consumption, energy security, and exports. With a lower-than-anticipated sugar production and an overall cap on exports, prices are expected to remain stable. Uttar Pradesh saw a lower recovery of sugar due to the dominant sugarcane variety being affected by the Red Rod disease. Avadh had started an aggressive varietal change program and we should start seeing results from the next season onwards. With a higher quantum of crushing in this season ethanol production received a boost. The structural changes over the past few years are reflected in the performance of the industry on the back of reduced cyclicality.
At Avadh, reducing our leverage through the reduction of debt and other non-current liabilities have helped the Company create a solid platform for growth as well as improved productivity through our strategic investments. We hope to continue to add value to our stakeholders and look forward to a strong FY24.”