Dwarikesh Sugar’s Q1 Profit Rises by 88 PC

MUMBAI:
Dwarikesh Sugar Industries Ltd, reported net profit of Rs 59.3 crore for the quarter ended June 2017, as compared to profit of Rs 31.5 crore, during the corresponding quarter last year, a growth of 88% YoY. The total revenue increased by 70% from Rs. 306.1 crore in Q1 FY17 to Rs. 522.0 crores in in Q1 FY18 and the net revenue also increased by 70% to Rs 493.6 crore in Q1 FY18 from Rs. 289.7 crore reported in Q1 FY17.
Commenting on the results and performance, Vijay S. Banka, Whole Time Director and Chief Financial Officer, Dwarikesh Sugar Industries Ltd. said: “The quarter under review has been reasonable and satisfactory. Crushing of season 2016-17 extended during this quarter and 4.5 lakh quintals of sugar was produced. Extension of season also resulted in sale of 28 million units of power to the State grid. Sugar sales during the quarter were brisk and contributed to a healthy top-line as well as bottom-line. ICRA has further upgraded our long-term rating for Rs 600 crore lines to ‘ICRA A plus’ from ‘ICRA A minus’ with stable outlook. With adequate monsoons and farmers preference to enthusiastically grow early variety of sugarcane, we expect a good 2017-18 sugar season going forward.”