Shree Renuka Sugars announced Q1FY24 results: Total income up by 18% over Q1FY23 from Rs 19,401 million to Rs 22,865 million. Refinery contributed ~70% of topline. Gross profit has improved from Rs 3,048 million to 3,562 million up by 17%. EBITDA has improved from Rs 1,102 million to 1,468 million up by 33%. EBITDA margin improved by 74 bps. Volume growth was led by 1) Domestic sugar sales (up by 33%) of which Consumer pack sales (grew by 9%) and 2) Refinery (2%). 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 litre produced in the previous year. Atul Chaturvedi, Executive Chairman, “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% 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, “Shree Renuka Sugars has delivered one of the best performances in the first quarter with a gross profit growth of about 17% and EBITDA growth of 33%. 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 million 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.” Result PDF
Shree Renuka Sugars announced Q3FY23 results: Q3FY23 & 9MFY23: Total income for 9MFY23 up by 57% over the previous year from Rs 42,055 million to Rs 65,993 million. Refinery contributed 71% of the top line. The EBITDA for 9MFY23 stood at Rs 4,368 million, an increase of 119% over last year of Rs 1,995 million. 9MFY23 level losses have narrowed by 29% from last year. PBT (before exceptional items) during the 9MFY23 being negative at Rs 1,785 million vs negative at Rs 2,524 million over the previous year. Distillery produced during 9MFY23, 12.2 crore liters with a growth of 50%. Despatches up by 33% to a record 14 crores litres. Consolidated 9MFY23: Total income went up by 56% over the previous year from Rs 43,109 million to Rs 67,365 million. The overall 9MFY23 EBITDA stood at Rs 4,213 million, up by 122% as compared to Rs 1,899 million during the previous year. Losses have narrowed down by 18% from last year. PBT negative at Rs 2,300 million vs negative at Rs 2,792 million over the previous year. Result PDF
Shree Renuka Sugars announced Q2FY23 results: Total income for H1FY23 was up by 84% over the previous year from Rs 22,239 million to Rs 40,925 million. Revenue was driven by volume and price growth across all segments. The EBITDA for H1FY23 stood at Rs 2,205 million, increased by 926% over last year of Rs 215 million. H1 level losses have narrowed down by 33% from last year. PBT (before exceptional items) during the H1 was negative at Rs (1,979) million negative at Rs (2,960) million over the previous year. The distillery produced during H1FY23, 6.71 crs litres with a growth of 149%. Despatches are up by 68% to a record 9.44 crs litres. Our strategy of storing “B” Heavy & “C” molasses ensured that our distilleries ran during the off-season as well. At the consolidated level for H1, The total income went up by 83% over the previous year from Rs 22,856 million to Rs 41,733 million. The overall H1FY23 EBITDA stood at Rs 1,947 million compared to Rs 56 million during the previous year. Losses have narrowed down by 24% from last year. PBT negative at Rs (2,448) million negative at Rs (3,227) million over the previous year. Result PDF