Sugar company Triveni Engineering & Industries announced Q4FY23 & FY23 results: All businesses have contributed to the growth boosted by higher sales across businesses. Higher sales volumes in the Alcohol business were due to new distillation capacities commissioned during the year, a large multi-feed distillery at Milak Narayanpur and a grain distillery in Muzaffarnagar as well as due to the enhancement of capacities of the existing distilleries. Profit before tax (PBT) before exceptional items declined marginally during FY23 to Rs 562.4 crore due to the recognition of an export subsidy of Rs 57 crore in FY22 pertaining to the previous year. PBT increased by 66.9% in Q4FY23 to Rs 250.6 crore. Improved performance during FY23 and Q4FY23 has been due to substantial profitability contributed by sugar exports, higher sale volumes and increased realization prices for distillery products, and higher profitability of engineering businesses resulting from higher turnover and containment of finance cost/treasury income arising from surplus funds. The total debt on a standalone basis as on March 31, 2023, is Rs 824.96 crore as compared to Rs 1,503.74 crore as on March 31, 2022. Standalone debt at the end of the quarter under review comprises term loans of Rs 301.08 crore, almost all such loans are with interest subvention or at subsidized interest rates. On a consolidated basis, the total debt is at Rs 913.83 crore as compared to Rs 1,567.96 crore as on March 31, 2022. The overall average cost of funds is at 5.1% during FY23 as against 5.0% in FY22 Commenting on the Company’s financial performance, Dhruv M. Sawhney, Chairman, and Managing Director, Triveni Engineering & Industries, said: “We are pleased with the performance of the Company during the year ended March 31, 2023, wherein several milestones were achieved – highest ever sugarcane crush in SS 2022-23, an increase of ~11% year-on-year; record overall gross and net turnover of Rs 6,310.1 and Rs 5,616.8 crore respectively with strong performance across the board; record alcohol production and sales following our capacity expansion to 660 Kilo Liters Per Day (KLPD) and aggregate engineering business revenues of over Rs 500 crore and segment results of over Rs 100 crore. It is a matter of satisfaction to see the diversification of our profitability: Alcohol and Engineering businesses have accounted for more than 50% of the total segment results. It indicates that our business risks are getting well spread, leading to improvement in our business risk profile". Result PDF