 PRESS RELEASE |
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| The Oudh Sugar Mills Limited declares its Unaudited Financial Results for the 2nd quarter ended 31st December, 2009. |
| New Delhi, 27th January, 2010 |
Oudh Sugar Mills Ltd. (OSML), belonging to the renowned K.K. Birla Group, is amongst the most eminent and rapidly expanding companies in the Sugar Industry. OSML owns four sugar units at (i) Hargaon Sugar Mills, Hargaon, Dist. Sitapur (U.P.) with a crushing capacity of about 10,000 tonnes crushed per day (TCD) (ii) New Swadeshi Sugar Mills, Narkatiaganj, Dist. West Champaran (Bihar) with a crushing capacity of about 7,500 TCD and (iii) Rosa Sugar Works, Rosa, Dist. Shahjahanpur, (U.P.) with a crushing capacity of about 4,200 TCD (iv) New India Sugar Mills – Hata with a crushing capacity of about 7000 TCD alongwith two distilleries i) at Hargaon with a capacity of producing 100 Kilo-Litre Per Day (KLPD) of Industrial Alcohol/Ethanol and (ii) at Narkatiaganj with a capacity of producing 60 KLPD of Industrial Alcohol/Ethanol. The Company also has co-generation power plants at Hargaon, Narkatiaganj and Hata with a total Co-generation capacity of 60 MW. OSML also possesses a fruit and vegetable processing unit at Bamrauli near Allahabad (U.P.)
The Directors of OSML at its Board Meeting held on 27th January, 2010 approved the following Unaudited Financial Results for the 2nd Quarter ended 31st December, 2009. |
| FINANCIALS AT A GLANCE |
| Rs. in lakhs |
| Particulars |
2nd quarter ended 31.12.2009 |
2nd quarter ended 31.12.2008 |
Year ended 30.06.2009
(Audited) |
| Turnover |
6,955.43 |
18,038.51 |
58,309.13 |
| Profit/(Loss) before Depreciation, and Tax (PBDT) |
(236.59) |
2,945.64 |
5,636.82 |
| Profit/(Loss) after Tax |
(867.92) |
1521.55 |
1917.38 |
| EPS (Rs.) * Not annualized. EPS for Q.E. 31.12.2009 is on the expanded capital base in view of AS 20 |
(3.46)* |
7.12* |
8.81 |
|
|
Sugar output in the season 2009-10 that began on October, 2009 is expected to be less than 15.5 Million Tonnes which is lower than the preliminary forecasts. The second year of short production is primarily due to reduction in sugarcane plantation, low recovery due to erratic rainfall and adverse weather conditions particularly in Uttar Pradesh. This apart the buoyant international and domestic sugar prices have resulted in lower than anticipated imports and large-scale diversion of sugarcane to alternate sweeteners like gur and khandsari producers. The consumption level of sugar is expected to remain at 23 Million Tonnes. The levy quota of sugar has also been increased from 10% to 20% with effect from 1st October, 2009.
The gross sales of the company stood at Rs. 6,955.43 lacs for the quarter ending 31st December 2009 as against Rs.18,038.51 lacs for the corresponding quarter in the previous year. The EBIDTA was Rs 1,488.75 lacs during this quarter as against Rs. 4,124.74 lacs for the corresponding previous quarter and Profit/(Loss) After Tax was Rs. (867.92) lacs as against Rs 1,521.55 lacs achieved during the previous quarter. Due to the acute shortfall in production during the season 2008-09, the inventories were exhausted by November 2009 resulting in a fall in revenues during this quarter. This apart the sugar industry delayed its crushing operations due to late monsoons which reduced production during this quarter. Due to scarcity of sugarcane, sugar factories are to pay higher prices to sugarcane growers compared to SAP announced by the Uttar Pradesh and Bihar Governments. All these factors have contributed to lower profitability during this quarter. Due to the seasonal nature of the industry, the quarter results do not reflect the likely results of the year.
According to Mr. Chandra Shekhar Nopany, Chairman cum Managing Director of the Company, sugar prices are expected to remain firm in the short to medium term. The production of industrial alcohol and co-generation of power is also expected to be hit by the high cost of raw materials due to the low availability of sugarcane.
The Company’s shares are listed at NSE and BSE and are actively traded at a current price of Rs. 74.00 per share. |
For further information please contact:
Communications 2.0
Ms. Swati Jalan/ Ms. Vasudha Jain
Ph- 9830111376 / 9831148001 |
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