Ludhiana, August 13, 2024 (News Team): Shree Renuka Sugars Limited - one of India’s largest sugar and green energy (ethanol and renewable power) producers 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 ended June 30, 2024.
Atul Chaturvedi, Executive Chairman, said,“We have commenced the first quarter on a positive note and achieved healthy growth. This quarter’s results were impacted on account of the temporary change in ethanol production/sales policy of the government.Our Standalone total income for the quarter has increased by 27% over the previous year. Revenues have grown significantly with upside in our refinery and sugar businesses.
For the upcoming sugar season, we expect the Government to allow higher sugar diversion for ethanol production, positive policy announcements regarding the minimum selling price (MSP) of sugar and ethanol pricing.These steps would help the sugar and energy sector, ensure liquidity at sugar mills and timely sugarcane payments to farmers.”
Sunil Ranka, Chief Financial Officer, said,“Shree Renuka Sugars has delivered a stable performance in Q1 with a standalone gross profit of INR 3,603Mn and the EBITDA levels at INR 1,070Mn, navigating the challenge of Government regulations.
With the onset of good monsoon across the country and specially in the sugarcane belts of Maharashtra, Karnataka and U.P., we anticipate adequate sugarcane availability in the upcoming season. Even after an increase in the FRP (fair and remunerative price) which is likely to lead to some cost escalation, the industry expects further upward improvement in the sugar and ethanol pricing. Good monsoon, strong sugarcane planting, and consistent government policies will help Renuka influence the business trajectory going forward.”