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ÍCICI Direct Report
Dwarikesh Sugar Industries Ltd. saw revenue growth of 6.8% to Rs 540.1 crore led by 40.8% jump in distillery sales. Ethanol volumes grew 33.5% to 2.2 crore litre with 2.6% jump in average distillery realisation to Rs 59.1/litre.
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The company has commissioned new 175 thousand litre per day distillery in June 2022, which has taken its annual distillery capacity to 337.5 KLPD (11 crore litre per annum).
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Sugar sales dipped 1.2% to Rs 403.4 crore on the back of 4.8% decline in sugar volumes and mere 3.5% uptick in sugar realisation.
Dwarikesh Sugar sold 1.14 lakh tonnes of sugar with average realisation at Rs 34.9/kg.
Power volumes declined 14.9% to 2.8 crore units with average tariff moved up from Rs 3.2/unit to Rs 3.3/unit.
The company witnessed a sharp decline in gross margin mainly on account of increase in sugarcane prices and lower recovery rate in 2021-22 sugar season.
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