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Kolkata Jan 25 Upper Ganges Sugar & Industries Ltd (UGSIL), a Birla Group outfit, has recorded profit before tax of Rs 4.8 crore and profit after tax of Rs 1.9 crore on turnover of Rs 8 crore for the third quarter.

UGSIL owns three sugar factories - at Seohara in UP and Sidhwalia and Hasanpur in Bihar - with an aggregate crushing capacity of 14,250 tonnes of sugarcane a day, a distillery at Seohara and the Cinnatolliah Tea Garden in Upper Assam.

A company release said that the margins for the sugar industry have been under pressure during the quarter under review.

A sharp increase in cane prices coupled with the ban on sugar exports resulted in low sugar prices and erosion in profitability.

However, the Centre has decided to lift the ban on exports, which has had a positive impact on market sentiment.

It is now expected that sugar prices will rise to reasonable levels as the surplus sugar in the system is likely to move out of the country.

The company's policy of concentrating on co-products such as ethanol and cogeneration of power will give stability to its profitability.

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