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ICICI Direct Report
Triveni Engineering and Industries Ltd. reported strong earnings growth led by higher sugar prices.
Consolidated revenue (net of excise) remained flat mainly on account of lower sugar sales as the company received relatively less domestic quota during the quarter.
Sugar volumes declined 13% to 2.22 lakh tonnes but sugar realisation was up 11% to Rs 36.4/ kilo gram.
Distillery sales grew 153.8% to Rs 275.6 crore on account of 18% increase in ethanol volumes and 16% jump in ethanol realisation mainly on account of increasing off-take from oil marketing companies and higher proportion of B-heavy ethanol.
It sold 2.7 crore litre of ethanol at an average realisation of Rs 55.2/litre. Triveni Engineering produced 86% of ethanol from B-heavy molasses.
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