Shree Renuka Sugars Limited (SRSL) Continues To Be Resilient With Record Turnover And EBITDA

Shree Renuka Sugars Limited – one of India’s largest sugar and green energy (ethanol and renewable power) producer and a subsidiary of Wilmar Sugar and Energy Pte Ltd (formerly known as Wilmar Sugar Holdings Pte Ltd) Singapore – has reported its financial performance for the quarter and year ended March 31, 2024.

Highlights of the consolidated results for the quarter and Annual are summarized below –

HIGHLIGHTS CONSOLIDATED – Q4 & ANNUAL PERFORMANCE FY24

§ Revenue went up by 25% from INR 91,065 Mn to INR 1,13,674 Mn.

§ EBITDA for the year stood at INR 7,560 Mn, an increase of 5% over the last year of INR 7,196 Mn.

§ During the year, the company strategically invested INR 3,450 Mn in Anamika to derisk the business geographically.

§ PBT Loss for the year widened to negative INR 4,618 Mn vs negative INR 1,796 Mn over the last year.

INR Mn

Consolidated	Q4FY24	Q4 FY23	YoY	12MFY24	12MFY23	YoY
Total Income	34,763	23,700	47%	1,13,674	91,065	25%
EBITDA	2,817	2,983	-6%	7,560	7,196	5%

Highlights of the standalone results for the quarter and Annual are summarized below –

HIGHLIGHTS STANDALONE– Q4 & ANNUAL PERFORMANCE FY24

§ Revenue went up by 25% from INR 86,862 Mn to INR 108,981 Mn.

§ EBITDA for FY24 was sustained at last year’s levels – INR 7,195 Mn.

§ The refinery division delivered strong performance due to firm international sugar prices and high export volumes.

§ Ethanol and Sugar segment were a drag due to restrictive government policy on Ethanol.

INR Mn

Standalone	Q4FY24	Q4 FY23	YoY	12MFY24	12MFY23	YoY
Total Income	33,121	20,929	58%	1,08,981	86,862	25%
EBITDA	2,410	2,829	-15%	7,195	7,197	–

Mr. Atul Chaturvedi, Executive Chairman said “The company has displayed strong momentum, anchored by the Refinery division’s strong performance driven by firm international sugar prices and high export volumes. The domestic business was impacted due to lower production & sales volumes on account of drought induced low cane availability and restrictive policies on Ethanol. Our flagship Consumer Pack brand Madhur continued to grow. Further, higher net realization especially in domestic sugar and refinery businesses resulted in stable Q4 performance. Our consolidated total income has increased by 25% over the previous year. The company’s resilience is driven by its robust business model”.

Mr. Sunil Ranka, Chief Financial Officer said “Shree Renuka Sugars has delivered a stable financial performance driven by the strong topline and consolidated EBITDA growth of 5%. Though our company’s EBITDA is comparable amongst the peers, the interest cost has escalated due to the upward movement in the borrowing rates along with additional working capital requirements for our refinery division thereby resulting in higher interest burden and impacting the profitability of the Company”.