Shree Renuka Sugars Limited (SRSL) powering responsible resurgence towards a sustainable future.

Highest ever Revenue and EBITDA in the last 7 years. H1 total income was higher by 17% and EBITDA by 15% driven by price growth.

MUMBAI, November 09, 2023 (GNI): Shree Renuka Sugars Limited – one of India’s largest sugar and Green Energy (ethanol and renewable power) producer and a subsidiary of Wilmar Sugar Holdings Pte Ltd, Singapore – has reported its financial performance for the quarter and half year ended September 30, 2023.

Highlights of the results for the quarter and half year are summarized below –

HIGHLIGHTS STANDALONE – Q2FY24 & H1FY24

§  Highest ever Revenue and EBITDA in the last 7 years. Total income for H1FY24 up by 17 %.

§  The EBITDA for H1FY24 increased by 15%.

§  Distillery produced during H1FY24, 6.63 crs litres and despatched 9.20 crs litres.

                                                                                                                                            INR Mn

Standalone	Q2FY24	Q2 FY23	YoY	H1FY24	H1FY23	YoY
Total Income	25,000	21,524	16%	47,890	40,925	17%
EBITDA	1,060	1,103	-4%	2,528	2,205	15%
PBT (before exceptional)	-1,743	-945	-84%	-2,778	-1,979	-40%

§  At Consolidated level for H1,

·       The total income went up by 18% over the previous year from INR 41,733 Mn to INR 49,193 Mn.

·       The overall H1FY24 EBITDA stood at INR 2,331 Mn increased by 20% as compared to INR 1,947 Mn during the previous year.

MANAGEMENT COMMENTS

Mr Atul Chaturvedi, Executive Chairman

“Even though the Second quarter is Off season for Cane crushing our resilient business model has ensured steady increase in Revenue, Volumes as well as EBITDA. Further, in line with our strategy of De-Risking our operations geographically we have recently completed the acquisition of 100% Equity shares of Anamika Sugar Mills Pvt Ltd in UP. This company is now a subsidiary of SRSL. With Cane production likely to be affected in Karnataka and Maharashtra due to lack of rains, our UP acquisition would help ensure our Volumes are protected in the coming crushing season.”

Mr Sunil Ranka, Chief Financial Officer

“Shree Renuka Sugars has delivered a steady financial performance in the second quarter with an H1FY24 EBITDA growth of 15%. The EBITDA levels moved upwards to INR 2,528 Mn from INR 2,205 Mn in the previous year, which was mainly contributed by refinery and distillery segments. However, the cash losses have widened due to the increased interest cost burden.

Based on cane availability and domestic pricing policy, the Company will calibrate the production mix of sugar and ethanol to derive optimal performance in the future quarters.

About Shree Renuka Sugars Limited: Shree Renuka Sugars is one of the largest sugar and green energy (ethanol and renewable power) producers in India. The company is a leader in branded sugar segment in the country and the largest sugar refiner in India. The company has its corporate office in Mumbai (Maharashtra, India) and Head Office in Belgaum (Karnataka, India).

The company operates in the sugar, ethanol and power segment and has seven integrated sugar mills in sugar rich belt of South and West India and largest mover of sugar in the country from its two port-based refineries in India. For more information, please visit www.renukasugars.com

Safe harbour: This presentation contains forward-looking statements based on the currently held beliefs and assumptions of the management of the Company, which are expressed in good faith and, in their opinion, reasonable. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, financial condition, performance, or achievements of the Company or industry results, to differ materially from the results, financial condition, performance or achievements expressed or implied by such forward-looking statements. Given these risks, uncertainties and other factors, recipients of this presentation are cautioned not to place undue reliance on these forward-looking statements. The Company disclaims any obligation to update these forward-looking statements to reflect future events or developments.

ends GNI