Sukhjit Starch & Chemicals Ltd, incorporated in 1943, is an agro- processing company that specializes in the production of starch and its derivatives, has announced its audited financial results for the quarter / year ended 31st March 2023.

The company focused on optimizing its product mix to cater to changing customer demands, with a particular emphasis on high-value products. It also increased its presence across the geographies, the company aims to strengthen its market share and gain a competitive advantage in the industry.

The company adopted a dual approach by concentrating on both existing and new customers, aiming to expand its market reach and customer base.

All 4 plants are operating at 80% capacity, demonstrating the efficiency of operations and resource management. Meanwhile, Capital expenditures on existing plants will enable the company to increase its daily production capacity from 1600 tonnes to 2000 tonnes over the next 24 months, all funded through internal accruals.

Commenting on the Results, K.K.Sardana, Managing Director, Sukhjit Starch and Chemicals, said: “We are pleased to report our financial and business performance for Q4 and FY23. In the current business environment, the demand scenario remains intact providing favorable conditions for growth. With this in mind, we have formulated plans for capex aimed at expanding our capacity. Our objective is to enhance our production capabilities and seize a larger market share across all geographies. We are also planning to increase the share of high value starch derivatives to improve upon profitability. This strategic move is expected to position us for further growth and strengthen our competitive position in the industry.

Furthermore, we aim to deepen our relationships with our valued customers and leverage our existing market presence. We recognize that our current customer base and geographies offer significant opportunities for further expansion and revenue growth. To ensure optimal performance, the company prioritizes higher capacity utilization, striving for efficiency and volume enhancement.

While we have faced some pressure on margins due to higher raw material costs and energy costs owing to geo political conflict during the year, we have partly managed to offset this impact by passing on the costs to our clients. Looking ahead, we remain optimistic about our prospects and will continue to deliver value to our shareholders. By prioritizing these key areas, we are confident in our ability to drive sustainable growth and generate long-term shareholder value, as per our legacy of past 5 decades.”