Magadh Sugar & Energy reported a 77.3% rise in net profit to Rs 39 crore in Q3 FY23, driven by increased sugar cane prices and ethanol procurement targets. Learn more.
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Kolkata, Feb 21 (PTI) Magadh Sugar & Energy, a part of the KK Birla group, on Wednesday reported a 77.3 per cent increase in its net profit to Rs 39 crore in the third quarter of the current financial year.
The company had posted a Rs 22 crore profit in the same period previous fiscal.
The total income of the company stood at Rs 219 crore at the end of the September-December quarter, registering a rise of 4.2 per cent over Rs 210 crore in the year-ago period, a company statement said.
Its earnings before interest, taxes, depreciation and amortisation (EBITDA) stood at Rs 62 crore at the end of the quarter under review as against Rs 45 crore in the same period in the previous financial year.
Magadh Sugar & Energy chairperson C S Nopany said, "In the light of recent government notifications, including a rise in sugar cane prices in Bihar, and adjustments to ethanol procurement targets, challenges have increased. Amidst these challenges, the company remains steadfast in leveraging synergies and fostering long-term value for the stakeholders."
It is planning further capital investments at the Narkatiagunj unit in Bihar to increase crushing capacity and enhance energy efficiency, he added.
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