Magadh Sugar & Energy Ltd announces Financial Results

Magadh Sugar & Energy Ltd announces Financial Results

Kolkata: The Board of Directors of Magadh Sugar & Energy Limited at its meeting held on 23rd June, 2020 took on record the Unaudited Financial Results for the quarter and year ended 31st March, 2020. The Board of Directors has recommended dividend of Rs.4/- per equity share subject to approval of share-holders, says a press release.

C.S. Nopany, Chairperson, Magadh Sugar & Energy Ltd said, “After a prolonged glut in sugar production SS 2019/20 is projected to experience a significant decline in production. The major global sugar producing countries also experienced decline in production enabling export demand. Sugar revenue for the quarter remained buoyant which was setback by pandemic in later part of second half. The Minimum Support Price and export quota set by the Government aided the sugar industry. Ethanol was impacted by lower off take by OMCs on account of nation-wide lockdown.”

Apart from COVID-19 impact, the company continued its robust performance along with a better sugar recovery rate throughout the year. With the demand revival, the company aims to continue its growth trajectory.

Leave a Reply

Your email address will not be published. Required fields are marked *