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2 Sugar Stocks To Watch: PAT Gains More-Than-Double, Upto 62% Growth On Ethanol Sale
Magadh Sugar & Energy Limited and Avadh Sugar & Energy Limited, two major sugar companies have announced quarterly results. Check the stock performances here.
Magadh Sugar & Energy Limited reported that its PAT stood at Rs. 6.69 crores as against Rs. 3.02 crores in Q2FY22. The company's Ethanol sale stood at 69.89 lakh liters, showing a growth of 62% YoY, due to commencement of production at new distillery at Sidhwalia Unit. However, its Sugar stock stood at 2.12 lacs qtl. as against 7.59 lacs qtl. in Q2FY22. Commenting on the results, Mr. C. S. Nopany, Chairperson, Magadh Sugar & Energy Ltd said, "India's sugar exports have been robust in SS 2021-22. The upcoming sugar season looks promising with the prospects of sugar exports buoyed by a weakening Rupee and a higher diversion into ethanol in order to meet the blending target of 10% that would balance the sugar demand and supply in SS 2022-23."
The current market price of the company closed at Rs. 299 on November 23, with a 20.32% gain in 2022.
Avadh Sugar & Energy Limited, on the other hand, reported that its Total Income stood at Rs. 594 crore as against Rs. 621 crores in Q2 FY 22. Domestic Average Sugar Realisation gained to Rs. 3496 against Rs. 3418 per Qtl in Q2FY22. The Sugar Industry, encouraged by the policies of the Government of India, continues its role in being one of the larger employers in the country and simultaneously, providing solutions to the energy sector in India. Ethanol continues to be a focus in the various policy initiatives by the Government and the Industry is well on its way to achieve 20% Ethanol blending by 2025. This has also helped in reducing the cyclicality of the Sugar Industry with robust exports, sustainable Ethanol demand and stable sugar realizations.
The current market price of the company closed at Rs. 489.20 on November 23, with an 11.12% gain in the last 1 year.
Disclaimer
Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution. Greynium Information Technologies, and the author are not liable for any losses caused as a result of decisions based on the article. This article only incorporates recent stock-related information about the companies.
