Dwarikesh Sugar Q4 Review - Strong Ethanol Sales Improve Profitability: ICICI Direct

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ICICI Direct Report

Dwarikesh Sugar Industries Ltd. reported strong results with 29.9% revenue growth led by 25.6% growth in sugar revenues and 100.5% growth in distillery sales.

It sold 1.52 lakh tonne of sugar in Q4, including 0.8 lakh tonne of exports.

Domestic realisation was down 2.5% to Rs 31.2/kilogram mainly due to peak crushing season and low winter demand.

Distillery volumes grew 75.3% to 1.28 lakh tonne on the back of smooth offtake by oil marketing companies and ramping up of utilisation of 130 kilo litre per day distillery.

Moreover, distillery realisation increased 13.6% to Rs 57.6 /litre given the company has sold only B-heavy ethanol during the quarter.

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