Shree Renuka Sugars Limited, on a consolidated basis, has reported net profit of Rs. 42.8 crores for the period ended March 31, 2023 as against net profit of Rs. 14.3 crores for the period ended December 31, 2022. The company posted net profit of Rs.156.3 crores for the period ended March 31, 2022.

The company has reported total income of Rs. 2370 crores during the period ended March 31, 2023 as compared to Rs. 2563.2 crores during the period ended December 31, 2022. The company reported total income of Rs.2190.7 crores during the period ended March 31, 2022.

For the Financial Year ended March 31, 2023, Shree Renuka Sugars has reported total income of Rs.9106.5 crores as compared to Rs.6501.6 crores during the Financial Year ended March 31, 2022.

The company has posted net loss of Rs. 197 crores for the Financial Year ended March 31, 2023 as against net loss of Rs. 138.5 crores for the Financial Year ended March 31, 2022.

Atul Chaturvedi, Executive Chairman, Shree Renuka Sugars, said: “The company performance displayed strong momentum, anchored by domestic sugar and ethanol businesses despite early closure of crushing season. Domestic demand growth, improved capacity utilization and higher net realization, especially in sugar and refinery businesses, resulted in stable Q4 performance. Our total income has increased by 40% over the previous year. The expanded ethanol production capacity from 720KLPD to 1250 KLPD was commissioned in March 2023 and its full benefit is expected to be visible from the next financial year onwards. The company resilience is driven by its business model and strategy with improving capacity expansion and utilization.”

Sunil Ranka, Chief Financial Officer, “Shree Renuka Sugars has delivered a stable financial performance driven by the highest ever strong topline and EBITDA growth of about 51%. Though our Company’s EBITDA is better amongst the peers, stress in US & European Banks adversely influenced the domestic interest rates and kept the Rupee weak, thus resulting in higher interest burden and impacting the profitability of the Company.

Our new bioethanol capacity expansions and increased market share of branded sugar are rebuilding our business to rejuvenate our growth story. We reaffirm our commitment to maximizing our growth and profitability.”