 PRESS RELEASE |
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| Upper Ganges Sugar & Industries Limited declares Annual Financial Results for the year ended 30th June, 2010. |
| Kolkata , 25th August, 2010 |
Upper Ganges Sugar & Industries Ltd. (UGSIL), belonging to the renowned K.K. Birla Group, announced its financial results for the year ended 30th June’10 today.
The Board of Directors of UGSIL at its meeting held on the 25th August 2010 approved the following Audited Financial Results for the year ended 30th June, 2010. |
| FINANCIALS AT A GLANCE |
| Rs. in lakhs |
| Particulars |
Year ended 30.06.10 |
Year ended 30.06.09 |
| Net Revenue |
40173.54 |
43623.78 |
| Profit/(Loss) before Depreciation, Interest and Tax (PBIDT) |
1223.11 |
7657.75 |
| Net Profit / (Loss) after tax |
(3906.64) |
626.94 |
| EPS (Rs.) |
(32.40) |
6.20 |
|
|
While the Company’s Gross Sales (inclusive of Excise Duty) was lower by 9.04% on year on year basis the revenue from spirit based ethanol increased by 115.28% and of co-generation of bagasse based power increased by 40%.
The performance of the company has been adversely affected due to several factors. Firm sugar prices prevailing at the start of the season and scarcity of sugarcane compelled the industry pass off the benefits to the farmers by paying higher sugarcane prices than that announced by the State Government. However, the Government of India, in an effort to control food inflation implemented several severe measures to reduce sugar prices. The levy obligation was increased from 10% to 20% of a sugar factory’s production. Furthermore, the levy price being paid by the Government is only around Rs 1800/qtl against the cost of production of Rs 3400/qtl. Import duty was reduced to zero to encourage imports. Stock holding limits were imposed on traders and bulk consumers. The bulk consumers who account for bulk of the consumption of sugar in India, were exempted from these limits if they were holding imported sugar and not Indian sugar. All these measures had a combined effect of sugar prices crashing in India and lack of demand for Indian sugar resulting in huge losses for the industry.
However, the Government is now realising the difficulties of the sugar industry and relaxing some of the measures to revive the sugar demand and sugar prices.
The Company’s shares are listed at the NSE , BSE & CSE and are actively traded at around Rs.50
About Upper Ganges Sugar & Industries Ltd. (UGSIL)
UGSIL is amongst the most efficient and rapidly expanding companies in the Sugar Industry. UGSIL owns three sugar factories at Seohara (U.P.), at Sidhwalia (Bihar) and at Hasanpur (Bihar) with an aggregate crushing capacity of about 18,000 tonnes of sugarcane per day, a distillery of 100 KLPD at Seohara (U.P.) and Tea Estate in Upper Assam – Cinnatolliah Tea Garden. The Company also has an aggregate Co-generation capacity of 42MW at two of its sugar mills at Seohara and Sidhwalia
Bharat Sugar Mills, Sidhwalia a unit of Upper Ganges Sugar & Industries Ltd [UGSIL] has been granted ISO-2008 certification for the manufacture and sale of sugar and its by-products by SGS United Kingdom Ltd., U.K. |
For further information please contact:
Swati Jalan / Lucy Dass
9830111376 / 9874549235
sjalan@comm20.com / ldass@comm20.com
Communications 2.0 |
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