Magadh Sugar's Ethanol Production Grew 132% YoY In Q1, Stock Price Up 1.47% Intraday

Magadh Sugar & Energy Ltd. today reports a sharp growth in its Ethanol Production in Q1FY23, with an increase of 132% YoY at 142 lakh liters, due to the commencement of production at the new distillery at Sidhwalia Unit. The company has almost doubled its Ethanol capacity in FY22. Additionally, its EBITDA stood at Rs. 16 crores as against Rs. 11 crores in Q1FY22, the company reports.

Commenting on the results, C.S. Nopany, Chairperson, Magadh Sugar & Energy Ltd stated, "Introduction of new biofuel policy (ethanol blending) and strong export demand has paved a way for the growth of the Indian Sugar Industry. India has achieved the 10% Ethanol blending target in Petrol in May, 2022. The achievement of the 20% blending of ethanol in petrol by 2025 will be a tremendous boost to the sector. Due to the thrust of the Government of India in ethanol blending and encouraging sugar exports shall drive growth and normalize cyclicality for the sugar industry in the future. At Magadh, in line with government's ethanol blending target, we have almost doubled our Ethanol capacity in FY22 which will drive growth and create sustainable value accretion for the company. Our well-strategized business model will help create value for stakeholders in a long run."

Stock performance:

The current market price of Magadh Sugar closed at Rs. 303.50/share on NSE, up by 1.47%, on August 11. In the last 1 month, its share price has fallen by 8.48%. This year, the company's share price grew by 22.13%, and in the last 1 year, its share price has surged by 14.51%. Additionally, on a long-term basis, its share price has given a robust performance on NSE, with a sharp rise of 123.39% in the last 5 years.

The 52-week high level of this stock is Rs. 455.95, and the 52-week low level of this stock is Rs. 230.