Dalmia Bharat Sugar stock sprints 5%, hits 52-week high on robust Q2 results
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The company stated that additional profitability from grain distillery operations at Jawaharpur location has resulted into higher revenues and profitability
In the past three months, the stock of this sugar manufacturer has soared 29 percent as against 2 percent decline in the benchmark Sensex
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Shares of Dalmia Bharat Sugar and Industries rallied 5 percent to hit a 52-week high of Rs 490 per share on November 7 after profit jumped over four-fold to Rs 55 crore in the July-September quarter of fiscal year 2023-24 (Q2FY24). The S&P BSE Sensex was down 188 points or 0.2 percent to 64,769 levels, as of 9:45am.
In the past three months, the stock of this sugar manufacturer has soared 29 percent, as against a 2 percent decline in the benchmark Sensex.
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Dalmia Bharat Sugar’s total income surged 29 percent on-year to Rs 787 crore in Q2FY24 as compared to Rs 612 crore in Q2FY23 due to increase in sugar realisation and sales. Profit-after-tax (PAT), too, jumped by 369 percent on-year to Rs 55 crore in Q2FY24.
The company stated that additional profitability from grain distillery operations at the Jawaharpur location has resulted in higher revenues and profitability.
On the other hand, the company’s earnings before interest, tax, depreciation, and amortisation (Ebitda) rose more than 3 times (x) or 202 percent to Rs 121 crore, whereas the Ebitda margin expanded by 800 basis points (bps) to 15 percent in the September-ended quarter.
As of September 30, 2023, sugar inventory stood at 0.5 lakh metric tonne valued at Rs 33.5 per kilogram, said the company.
ALSO READ: India braces for 8% sugar output dip as cane crop suffers: Trade body
With the company commencing sugar crushing operations for sugar season (SS) 2023-24 in 4 out of 5 plants, all 3 plants in Uttar Pradesh and 1 in Maharashtra have begun operations.
That apart, the board has accorded in-principal approval for setting up of greenfield sugar plant in UP with a capacity of up to 8,000 tons of cane per day (TCD) cane crush, 20 MW Cogen and 60 kilo litres per day (KLPD) distillery in a phased manner.
According to Indian Sugar Manufacturing Association (ISMA) reports, gross sugar production estimates before diversion into ethanol for SS 23-24 is expected to be lower at 33.7 million MT mainly due to lower production in Maharashtra and Karnataka due to agro-climatic conditions.
Sugar prices, thus, are expected to remain firm in the future as trends suggest the same in the last 2-3 months as well.
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