Shree Renuka Sugars Limited Remains Steadfast And Progressing Ahead
The operating performance continues to be driven by higher Revenues and EBITDA due to improved realizations across all segments
Shree Renuka Sugars Limited – one of India’s largest sugar and GreenEnergy (ethanol and renewable power) producer and a subsidiary of Wilmar Sugar Holdings Pte Ltd, Singapore – has reported its financial performance for the quarter and nine months ended December 31, 2023.
Highlights of the results for the quarter and nine months are summarized below –
HIGHLIGHTS CONSOLIDATED – Q3FY24 & 9MFY24
| Consolidated | Q3FY24 | Q3FY23 | YoY | 9MFY24 | 9MFY23 | YoY |
| Total Income | 30,621 | 25,632 | 19% | 79,814 | 67,365 | 18% |
| EBITDA | 2,412 | 2,266 | 6% | 4,743 | 4,213 | 13% |
At Standalone level for 9MFY24,
§ Total income for 9MFY24 up by 16% over the previous year from INR 65,993 to INR 76,763 Mn.
§ The EBITDA for 9MFY24 stood at INR 4,785 Mn, an increase by 10% over last year of INR 4,368 Mn.
§ Domestic sugar sales volume was up by 3% at 247K MT.
§ Refinery exported 1,026K MT vs 1,062 MT in LY. Sales realisation rose to INR 56K/MT vs 43K/MT LY in view of the firm international values.
§ Distillery produced during 9MFY24, 11.73 Crs litres Vs 12.16 Crs litres LY due to regulatory ban on ethanol production from cane juice and limiting production from BH molasses.
Mr Atul Chaturvedi, Executive Chairman said “The third quarter’s results reflect our steadfast growth in our operations despite the regulatory headwinds of restricted production of Cane Juice & ‘B’ Heavy Ethanol. The global economy continues to face multiple macroeconomic and geopolitical shocks. Inspite, of all these challenges, Renuka is successfully progressing ahead. Our total income for 9MFY24 has increased by 18 % over the previous year. The company posted a strong 9MFY24 performance driven by improved realizations across all segments.”
Mr Sunil Ranka, Chief Financial Officer said “Renuka Consol has delivered a stable financial performance in the third quarter with an 9MFY24 EBITDA growth of 13 %. Refinery revenues and margins were better as compared to the previous year, which has enabled the EBITDA levels to move upwards to INR 4,743 Mn from INR 4,213 Mn in the previous year. Cane production is likely to be lower in Karnataka and Maharashtra States. Our Anamika acquisition in U.P. (North India) has vindicated the strategy of de-risking geographically and the said unit has performed well as compared over last year which is included in the above results.”
