Sugar company Shree Renuka Sugars announced Q1FY25 results: Consolidated: Revenue went up by 31% from Rs 23,546 million to Rs 30,750 million. PBT Loss for the year widened to negative Rs 1,781 million vs negative Rs 1,369 million over the last year. Standalone: Company continued its revenue growth momentum, grew by 27% vs 18% (LY) Revenue growth was led by Refinery up 39%, Domestic sugar sales up 11% but impacted by ethanol sales (53%). EBITDA was lower at Rs 1,070 million (LY Rs. 1,468 Mn), mainly impacted by ethanol business and lower MTM in commodity hedging. Atul Chaturvedi, Executive Chairman of the company, said: “We have commenced the first quarter on a positive note and achieved healthy growth. This quarter’s results were impacted on account of the temporary change in ethanol production / sales policy of the government. Our Standalone total income for the quarter has increased by 27% over the previous year. Revenues have grown significantly with upside in our refinery and sugar businesses. For the upcoming sugar season, we expect the Government to allow higher sugar diversion for ethanol production, positive policy announcements regarding the minimum selling price (MSP) of sugar and ethanol pricing. These steps would help the sugar and energy sector, ensure liquidity at sugar mills and timely sugarcane payments to farmers. Sunil Ranka, Chief Financial Officer, said: “Shree Renuka Sugars has delivered a stable performance in Q1 with a standalone gross profit of Rs 3,603 million and the EBITDA levels at Rs 1,070 million, navigating the challenge of Government regulations. With the onset of good monsoon across the country and specially in the sugarcane belts of Maharashtra, Karnataka and U.P., we anticipate adequate sugarcane availability in the upcoming season. Even after an increase in the FRP (fair and remunerative price) which is likely to lead to some cost escalation, the industry expects further upward improvement in the sugar and ethanol pricing. Good monsoon, strong sugarcane planting, and consistent government policies will help Renuka influence the business trajectory going forward.” Result PDF
Shree Renuka Sugars announced FY24 results: Standalone: Revenue went up by 25% from Rs 86,862 million to Rs 1,08,981 million. EBITDA for FY24 was sustained at last year’s levels - Rs 7,195 million. The refinery division delivered strong performance due to firm international sugar prices and high export volumes. Ethanol and Sugar segment were a drag due to restrictive government policy on Ethanol. Consolidated: Revenue went up by 25% from Rs 91,065 million to Rs 1,13,674 million. EBITDA for the year stood at Rs 7,560 million, an increase of 5% over the last year of Rs 7,196 million. During the year, the company strategically invested Rs 3,450 million in Anamika to derisk the business geographically. PBT Loss for the year widened to negative Rs 4,618 million vs negative Rs 1,796 million over the last year. Atul Chaturvedi, Executive Chairman said, “The company has displayed strong momentum, anchored by the Refinery division’s strong performance driven by firm international sugar prices and high export volumes. The domestic business was impacted due to lower production & sales volumes on account of drought induced low cane availability and restrictive policies on Ethanol. Our flagship Consumer Pack brand Madhur continued to grow. Further, higher net realization especially in domestic sugar and refinery businesses resulted in stable Q4 performance. Our consolidated total income has increased by 25% over the previous year. The company’s resilience is driven by its robust business model." Sunil Ranka, Chief Financial Officer said, “Shree Renuka Sugars has delivered a stable financial performance driven by the strong topline and consolidated EBITDA growth of 5%. Though our company’s EBITDA is comparable amongst the peers, the interest cost has escalated due to the upward movement in the borrowing rates along with additional working capital requirements for our refinery division thereby resulting in higher interest burden and impacting the profitability of the Company." Result PDF
Shree Renuka Sugars announced Q3FY24 & 9MFY24 results: Consolidated Q3FY24: Total Income: Rs 30,621 million, a 19% increase from Q3FY23 which was Rs 25,632 million. EBITDA: Rs 2,412 million, showing a 6% increase from Q3FY23's Rs 2,266 million. Consolidated 9MFY24: Total Income: Rs 79,814 million, an 18% rise compared to 9MFY23's Rs 67,365 million. EBITDA: Rs 4,743 million, a 13% increase from 9MFY23's figure of Rs 4,213 million. Standalone 9MFY24: Total income for 9MFY24 increased by 16% over the previous year, from Rs 65,993 million to Rs 76,763 million. The EBITDA for 9MFY24 stood at Rs 4,785 million, marking a 10% increase over last year's Rs 4,368 million. Domestic sugar sales volume increased by 3% to 247K MT. Refinery exported 1,026K MT compared to 1,062 MT in the previous year. Sales realization rose to Rs 56K/MT from 43K/MT last year due to firm international values. Distillery produced 11.73 crore litres during 9MFY24, compared to 12.16 crore litres in the previous year, attributed to regulatory ban on ethanol production from cane juice and limiting production from BH molasses. Operational Highlights Domestic Sugar Sales Volume: Saw an increase of 3% reaching 247K metric tons. Refinery Exports: Reported at 1,026K metric tons for 9MFY24, down from 1,062K metric tons in the last year. However, sales realization rose from Rs 43K/MT to Rs 56K/MT due to firm international values. Distillery Production: Production in 9MFY24 stood at 11.73 crore liters versus 12.16 crore liters the previous year, influenced by a regulatory ban on ethanol production from cane juice and constraints on production from B Heavy 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. Inspite of all these challenges, Renuka is successfully progressing ahead. Our total income for 9MFY24 has increased by 18% 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 a 9MFY24 EBITDA growth of 13%. 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 million 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 to last year which is included in the above results." Result PDF