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Mumbai, October 25, 2021: Dwarikesh Sugar Industries Ltd., today announced its unaudited financial results for the quarter and six months ended September 30, 2021. In Q2FY22, the company reported a total income of Rs. 506.17 crore, profit before tax(PBT) of Rs. 56.19 crore and profit after tax(PAT) of Rs. 39.63 crore registering 21% growth in total income, 137% growth in PBT and 123% growth in PAT as compared to same quarter last year. In H1FY22, it reported total income of Rs. 899.42 crore, PBT of Rs. 91.82 crore and PAT of Rs. 66.73 crore registering 5% growth in total income, 86% growth in PBT as well as PAT as compared to corresponding period last year.

“Estimated sugar production during the ensuing season 2021-22 is 31 million tons after considering 3.4 million tons of sugar sacrifice in favor of ethanol. Domestic sugar prices have rallied since September, 2021. Execution of our 175 KLPD distillery project at DD unit is on schedule in spite of inclement weather and unseasonal rains.”

KEY HIGHLIGHTS OF P&L STATEMENTSIGHLIGHTS OF P&L STATEMENT:

During Q2FY22 Company’s EBIDTA margin (EBIDTA /Revenue from operations) is 14.91% as compared to 11.20% during corresponding quarter last year.

During H1FY22 Company’s EBIDTA margin (EBIDTA /Revenue from operations) is 15.03% as compared to 11.36% during corresponding period last year.

Sugar sold during Q2FY22 is 12.06 lakh quintals as compared to 11.32 lakh quintals (including export of 1.99 lakh quintals) sale of sugar during corresponding quarter last year.

Sugar sold during H1FY22 is 21.70 lakhs quintals as compared to 23.88 lakh quintals (including export of 8.05 lakh quintals) during corresponding period last year.

Sugar stock as on 30 th September 2021 was 13.33 lakh quintals as compared to stock of 17.66 lakh quintal as on 30th September 2020.

Ethanol sold during Q2FY22 and H1FY22 is 16,711 KL and 27,876 KL respectively as compared to 8,993 KL and 13,346 KL ethanol sold during corresponding periods last year.

Full-fledged crushing operations for SS 2021-22 across all units will commence during the first week of November, 2021. Unseasonal and more than normal rainfall has dented the possibility of early start of season. We continue our efforts towards improving operating efficiencies and control costs.

On 30th September, 2021, the Company had outstanding long term loan of Rs. 173.31 crore including SEFASU 2018 (funded by the State Government of Uttar Pradesh to clear sugar cane dues of SS 2017-18) loan of Rs.73.96 crore. Balance amount of Rs. 99.35 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+

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