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Dwarikesh Sugar Industries posted a weak set of earnings in Q3 as the sugar business posted a loss but the co-gen business was stable. In an interview with CNBC-TV18, Vijay Banka, Wholetime Director and CFO, Dwarikesh Sugar Industries spoke about the results and his outlook for the company.
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In an interview to CNBC-TV18, Vijay S Banka, Wholetime Director and CFO of Dwarikesh Sugar Industries spoke about the results and his outlook for the company.
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Dwarikesh Sugar saw strong revenue growth in Q1 as the sugar business revenues jumped while margins were also strong. In an interview to CNBC-TV18, Vijay Banka, Wholetime Director and CFO of Dwarikesh Sugar Industries spoke about the results and his outlook for the company.
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"We started off the season with an opening stock of 7.7 million tonne (mt) and we expect a production of 20.3 mt", Vijay Banka, CFO, Dwarikesh Sugar told CNBC-TV18.
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Sugar stocks are rallying on the back of low production output of the commodity. Vijay Banka of Dwarikesh Sugar Industries says that prices of the sweetener is reasonable and there is enough stock in the system.
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Speaking to CNBC-TV18, Vijay Banka, Wholetime Director & CFO of Dwarikesh Sugar Industries said profits could have been better if volume had seen improvement.
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"In India also, we expect lower production in the coming season mainly on the account of unfortunate drought that state of Maharashtra and Karnataka suffered last year. We expect sugar prices to be firm", Vijay Banka, Wholetime Director & CFO of Dwarikesh Sugar Industries told CNBC-TV18 in an interview.
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We have had a good Q1 and earned a profit of about Rs 32 crore, said Vijay Banka, Wholetime Director & CFO of Dwarikesh Sugar Industries to CNBC-TV18.
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The company, as of March 31, 2016, has inventory of 17 lakh tonnes, says Vijay Banka, Wholetime Director & CFO at Dwarikesh Sugar Industries.
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Vijay Banka, whole-time director & CFO of Dwarikesh Sugar Industries expects sugar production to be at 25.5-26 million tonne in the current year.
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In an interview to CNBC-TV18, Vijay Banka, CFO, Dwarikesh Sugar, spoke about the increased state advised price (SAP) for sugarcane procurement to Rs 275-290 a quintal for 2012-13, by the Uttar Pradesh government and how it will affect the overall market price of the sugar.
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Vijay Banka, chief executive officer of Dwarikesh Sugar Industries tells CNBC-TV18 that sales for the company are not likely to improve in the next quarter, though the current one has seen a fall by nearly Rs 10 crore.
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Vijay Banka, CFO, Dwarikesh Sugar Industries in an interview with CNBC-TV18 said, "There is clearly space for another 1 million tonnes of exports because our stock position is very comfortable. We produced about 24.2 million tonne of sugar in 2011. So, clearly there is space for allowing more exports."
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Speaking to CNBC-TV18 about his expectation from the EGoM, Vijay Banka, CFO of Dwarikesh Sugar Industries said," It is rumoured that the government is going to allow export of 500,000 tonnes of sugar. This will clearly offer some advantage to the sugar mills which are presently not in too good condition."
