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Business News/ Companies / Company Results/  Balrampur Chini Mills Q1 Results: Net profit jumps 493% to 73.5 crore, revenue up by 28%
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Balrampur Chini Mills Q1 Results: Net profit jumps 493% to ₹73.5 crore, revenue up by 28%

Balrampur Chini Mills Q1 Results: During the same quarter last fiscal, the company posted consolidated net profit of ₹12.38 crore

Balrampur Chini Mills Q1 Results: (Bloomberg)Premium
Balrampur Chini Mills Q1 Results: (Bloomberg)

Balrampur Chini Mills posted strong Q1 results on Saturday as their profit jumped a whopping 493% to touch 73.5 crore during the quarter ending June 2023. During the same quarter last fiscal, the company posted consolidated net profit of 12.38 crore. The revenue of the company rose 28% from 1,094.59 crore during Q1FY23 to 1,401.81 crore during the quarter ending June 2023. 

The strong growth of Balrampur Chini Mills came on the back of turn around in sugar segment which posted a loss of (55.71) crore during Q1FY23, but during the April-June quarter this year, the company posted a net profit of 71.37 crore (the numbers are before tax and and finance cost). 

The Earning Per Share (EPS) of the company jumped from 0.61 during the Q1FY23 to 3.64 during the quarter under review. 

In the standalone terms, the Earnings before interests, taxes, depreciation and amortisation (EBITDA) of the company witnessed a jump of  267% as it reached 163.18 crore during the quarter ending June 2023 from 44.4 crore posted during the corresponding quarter last fiscal. 

“The Company has commenced the fiscal on a strong note. Higher volume and realizations have resulted in healthy contributions from both sugar and distillery segments," Vivek Saraogi, Chairman and Managing Director, Balrampur Chini Mills Limited, said. 

“Our team has put in immense hard work on the ground, collaborating closely with the farmers to improve the quality of the cane and enhance acreage and yield. This concerted effort has led to a significant ~16% increase in crushing during the season 2022-23 leading to healthy performance in this quarter. We are hopeful to report that our ongoing endeavors are expected to lead to further ~10% increase in sugarcane crushing in the ensuing season, subject to conducive weather conditions," the top officer added. 

 

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Devesh Kumar
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Published: 05 Aug 2023, 10:17 PM IST
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