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Business News/ Markets / Stock Markets/  40% rally in 4 days: Multibagger sugar stock extends post-Q3 results rally
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40% rally in 4 days: Multibagger sugar stock extends post-Q3 results rally

Multibagger sugar stock has been rising for the last four days after announcement of stellar Q3 results 2024 on Wednesday last week

In Q3FY24, the multibagger sugar stock reported a substantial 190 percent increase in total revenue, soaring from ₹26.92 crores in Q2FY24 to ₹78.31 crores in Q3FY24. (Photo: Bloomberg)Premium
In Q3FY24, the multibagger sugar stock reported a substantial 190 percent increase in total revenue, soaring from 26.92 crores in Q2FY24 to 78.31 crores in Q3FY24. (Photo: Bloomberg)

Stock market today: Shares of Davangere Sugar Company Ltd are one of the multibagger stocks that the Indian stock market has delivered in the last few years. The multibagger sugar stock has rallied to the tune of 700 percent in the last five years. However, the sugar stock is again in the news after the announcement of its Q3 results for the financial year 2023-24 on 14th February i.e. Wednesday last week.

After the announcement of stellar Q3 results 2024 on Wednesday last week, this multibagger sugar stock has been continuously rising for the last four days day. In the last four straight sessions, this multibagger sugar stock has risen from 76.61 apiece to 107.69 per share on BSE, delivering to the tune of 40 percent returns to its investors.

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Davangere Sugar Company Q3 results

On Wednesday last week, Davangere Sugar Company Ltd declared its unaudited quarterly results for the third quarter of the current financial year. In Q3FY24, the multibagger sugar stock reported a substantial 190 percent increase in total revenue, soaring from 26.92 crores in Q2FY24 to 78.31 crores in Q3FY24. The company's net profit experienced a remarkable surge of 478 percent, escalating from 0.97 crores to 5.61 crores.

Additionally, the company board approved the commissioning of the CO2 Plant to Convert the waste molasses fermentation into liquefied Carbon dioxide and dry ice for an investment of 3 crores.

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Currently, Davangere Sugar Company Ltd boasts a capacity of 6000 TCD (Tons of Cane Crushed per Day) at its expansive sugar plant. With an area of approximately 2,83,874 square feet, the company's sugar unit demonstrates the company's dedication to efficiency. Moreover, the establishment of five large warehouses, capable of storing 6 lakh quintals of sugar, underscores its emphasis on robust storage and distribution capabilities, ensuring a seamless supply chain.

With a production of 3,06,192 quintals, the sugar facility demonstrates efficiency, recovering 6.34 percent of crushed sugarcane. This demonstrates the company's dedication to quality and yield. Additionally, with a 65 KLPD capacity, Davangere Sugar Company Ltd produces 1,99,39,345 KL ethanol, embodying its dedication to sustainable and eco-friendly energy solutions.

The company's Co-generation power plant occupies 1,23,018 square feet and boasts an installed capacity of 24.45 MW per day. This expansive facility reflects its commitment to efficient power generation. The power division has grown both in scale and in sustainability, with a remarkable increase in output from 4,39,82,700 KWH in FY20 to 6,22,17,400 KWH in FY23.

Disclaimer: The views and recommendations above are those of individual analysts, experts, and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.

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ABOUT THE AUTHOR
Asit Manohar
Chief Content Producer at Live Mint Digital Team
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
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Published: 19 Feb 2024, 12:29 PM IST
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