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Mumbai, July 29, 2021: Dwarikesh Sugar Industries Ltd., today announced its audited financial results for the quarter ended June 30, 2021.

During Q1FY22, the company reported a total income of Rs. 393.25 crore, profit before tax of Rs. 35.63 crore and profit after tax of Rs. 27.10 crore. While profit before tax registered an increase of 40%, profit after tax registered an increase of 50% over profit before tax and profit after tax respectively of the corresponding quarter last year.

KEY HIGHLIGHTS OF P&L STATEMENTSIG

* During Q1FY22 Company’s EBIDTA margin is 15.15% as compared to EBIDTA margin of 11.49% during corresponding quarter last year.

* Sugar sold during Q1FY22 – 9.64 lakh quintals (Nil exports) as compared to 12.56 lakh quintals (including export of 6.06 lakh quintals) during the corresponding quarter last year.

* Sugar stock as on 30 th June, 2021 was 25.40 lakh quintals as compared to 28.99 lakh quintals as on 30th June, 2020.

* Industrial Alcohol sold during Q1FY22 is 11,165 KL vis-à-vis 4,353 KL industrial alcohol sold during corresponding quarter last year.

* On 30 th June, 2021, the Company had outstanding long term loan of Rs. 185.88 crore including SEFASU 2018 (funded by the State Government of Uttar Pradesh to clear sugar cane dues of SS 2017-18) loan of Rs. 80.69 crore. Balance amount of Rs. 105.19 crore is the loan availed for the distillery project. All the outstanding long-term loans are at concessional rate of interest.

* Long term rating accorded by ICRA is maintained at A+ with stable outlook and the short-term rating accorded to the Company by ICRA for CP program of Rs.300 crore is A1+

* 378.36 lakh quintals of sugarcane was crushed during recently concluded sugar season (SS) 2020-21 vis-à-vis 374.17 lakh quintals of sugarcane crushed in the previous SS 2019-20.

* In an endeavor to broad-base and optimize revenues from sale of ethanol as also to moderate the production of sugar, at two of the three sugar units of the company namely Dwarikesh Nagar and Dwarikesh Puram, during SS 2020-21, entire quantity of sugarcane was crushed by generating B heavy molasses, for captive use in the distillery at Dwarikesh Nagar.

* Dwarikesh is amongst the first in the State of Uttar Pradesh to clear cane price payment of SS 2020-21 in entirety.

* The Company is periodically reviewing possible impact of outbreak and resurgence of COVID19 on its business and the same are considered in preparation of financial results for the quarter ended on 30th June, 2021 also. Review includes internal & external factors as known to the company up to the date of approval of these results to assess and finalize the carrying amounts of its assets & Liabilities.

* The Company stands committed in its endeavor to protect citizens from COVID-19 pandemic. It has facilitated vaccination of nearly all its employees and their respective families. Besides other activities, the Company also undertook to supply two oxygenators at the Community Health Centers in Uttar Pradesh towards its humble contribution for enhancement of citizen protection.

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