Dwarikesh Sugar Q4 Review - Strong Ethanol Sales Improve Profitability: ICICI Direct
A truck is loaded with sugar in a warehouse at the Usina da Mata Ethanol, Sugar and Energy facility. (Photographer Paulo Fridman/Bloomberg)

Dwarikesh Sugar Q4 Review - Strong Ethanol Sales Improve Profitability: ICICI Direct


BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

ICICI Direct Report

Dwarikesh Sugar Industries Ltd. reported strong results with 29.9% revenue growth led by 25.6% growth in sugar revenues and 100.5% growth in distillery sales.

It sold 1.52 lakh tonne of sugar in Q4, including 0.8 lakh tonne of exports.

Domestic realisation was down 2.5% to Rs 31.2/kilogram mainly due to peak crushing season and low winter demand.

Distillery volumes grew 75.3% to 1.28 lakh tonne on the back of smooth offtake by oil marketing companies and ramping up of utilisation of 130 kilo litre per day distillery.

Moreover, distillery realisation increased 13.6% to Rs 57.6 /litre given the company has sold only B-heavy ethanol during the quarter.

Click on the attachment to read the full report:

ICICI Direct Dwarikesh Q4FY21 Result Update.pdf


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