Companies

Shree Renuka Sugars FY’22 net doubles to ₹113 cr on higher sales, realisations

Our Bureau | | Updated on: May 26, 2022

Increased market share for its branded sugar holds key to growth

Shree Renuka Sugars Ltd (SRSL) reported a 22 per cent rise in Q4FY22 profit at₹139.9 crore over same period last year's ₹114.6 crore. Income for the quarter was up 58 per cent at ₹2,003.6 crore as compared to ₹1,268.7 crore in the corresponding period last year.

For financial year ended March 2022, SRSL doubled its net profit to ₹113.1 crore over previous year's ₹55.6 crore. Income for the year was up 11 per cent at ₹6,209.1 crore

“This quarter’s results are a testimony to our constant and consistent focus on operational excellence and delivering the best results to our partners, shareholders and investors. Our total income has increased by 58 per cent over the previous year. Revenues have grown significantly due to milling, ethanol sales and catch-up in refinery shipments with better realization. This is also reflected in our standalone profit after tax increase year-on-year," said Atul Chaturvedi, Executive Chairman, SRSL.

Bioethanol expansion

"The company continues to focus on expanding ethanol capacity in line with Government’s thrust for achieving carbon neutrality. Our consumer pack (Madhur) continues to grow, driven by changing consumer behaviour on hygiene,” Chaturvedi said.

Green energy (ethanol and power) now contribute to about 33 per cent of SRSL's sugar milling business. SRSL witnessed price growth in all business segments, except negative volume growth in the refinery segment.

Cane crushed was up 32 per cent at 6.25 million tonnes on a consolidated basis. Distillery had a record production of 16.48 crore litres and achieved capacity utilisation above 100 per cent. Ethanol sales were 15.75 crore litres, up 32 per cent. The consumer pack business recorded 21 per cent annual growth with sales clocking all time high of 1.44 lakh tonnes.

"Our planned bioethanol expansions and increased market share of branded sugar is rebuilding our business and also holds a key to our growth story. We reaffirm our commitment to maximizing our growth and profitability,” said Sunil Ranka, CFO, SRSL in the release.

Published on May 26, 2022
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