The Board of Directors of Avadh Sugar Energy Limited (ASEL)
(BSE: 540649 / NSE: AVADHSUGAR) at its meeting held on 7 th November 2022 took on record the audited Financial Results for the Quarter and Half Year Ended 30 to September 2022.
Key Highlights:
Q2FY23
- Total Income stood at Rs. 594 crores as against Rs.621 crores in Q2 FY 22
- Domestic Average Sugar Realisation was at Rs. 3496 against Rs. 3418 per Qty in Q2FY22
- Profitability was impacted due to the increased cost of sugar produced in Sugar Season 2021-22, owing to increase in sugarcane prices, increase in levy quota of Molasses, and revision of wages of workmen with retrospective effects.
Commenting on the results, Mr. C.S. Nopany, Co-Chairperson, of Avadh Sugar ;Energy Ltd, said:
“The Sugar Industry, encouraged by the policies of the Government of India, continues its role as one of the larger employers in the country and simultaneously provides solutions to the energy sector in India.
Ethanol continues to be a focus in the various policy initiatives by the Government, and the Industry is well on its way to achieving 20% Ethanol blending by 2025.
This has also helped in reducing the cyclicality of the Sugar Industry with robust exports, sustainable Ethanol demand, and stable sugar realizations.
At Avadh, our focus continues to be on improving efficiencies and maximizing returns to our shareholders.
Our focus continues to be on sugarcane development along with the farmers, and at the same time, we are strategically positioned to capitalize on the opportunity in Ethanol.
About Avadh Sugar & Energy Limited
CIN: L15122UP2015PLC069635
The company deals in Sugar, Spirits, Ethanol, Cogeneration, and other By-products arising out of the sugar manufacturing process or any activity related to the sugar business. The company has four sugar mills at Hargaon (District Sitapur,
Uttar Pradesh), Seohara (District Bijnor, Uttar Pradesh), New India Sugar Mills, Hata (District Khushinagar, Uttar Pradesh), Rosa Sugar Works at Rosa (District Shahajahanpur, Uttar Pradesh) with a combined crushing capacity of 31,800 TCD.
The company also has two distilleries at Hargaon and Seohara, with a total Ethanol capacity of 325 KLPD (B Heavy). The Company also has a Cogen facility and can generate 74 MW of power.
This article was shared with Prittle Prattle News as a Press Release.
