Godavari Biorefineries Ltd one of the larger producers of ethanol and a pioneer in manufacturing ethanol-based chemicals in India, announced its Unaudited Financial Results for the quarter and half year ended on Sep 30, 2024.
Godavari Biorefineries has reported a 25.2% increase in revenue for H1FY25 compared to H1FY24. The company reported a revenue of ₹843.4 crore for H1FY25, up from ₹673.4 crore in H1FY24.
Commenting on the Results, Samir Somaiya, CMD said, “Firstly, I would like to extend my heartfelt thanks to all our new shareholders for placing their trust in us and contributing to the success of our IPO. We are committed to building a sustainable business and creating long term value for all our stakeholders.”
He said, “As you may know, our business is subject to seasonality due to the sugarcane harvesting period, which typically runs from November to March. Consequently, our performance in the first half of the financial year tends to be weaker compared to the second half. With the government’s reinstatement of the Ethanol Blending Program from sugarcane juice, GBL is poised to leverage its enhanced capacity, and we anticipate seeing its impact starting from Q3 FY25 onwards.”
“A large portion of the IPO proceeds will be utilized to repay debt amounting to Rs. 240 crores, enhancing our balance sheet strength and generating sufficient free cash flow to support further expansion within our biobased chemicals segment. This initiative will also improve profitability through interest cost savings. We remain optimistic about the growth prospects of our bio-based chemicals segment and the green energy transition, and we are focused on expanding in these areas, “Somaiya further added.
