Mumbai (Maharashtra): Davangere Sugar Company Ltd. (BSE: 543267, NSE: DAVANGERE), a leading player in Sugar, Sustainable Power and Ethanol Solutions, in its board meeting approved the unaudited financial results for the quarter and nine months ended 31 December 2023.
Compared to the previous quarter, Davangere Sugar Company Ltd witnessed a substantial 190% increase in total revenue, soaring from Rs26.92 crores in Q2FY24 to Rs78.31 crores in Q3FY24. Concurrently, the net profit experienced a remarkable surge of 478%, escalating from Rs0.97 crores to Rs5.61 crores.
Additionally, the company board approved the commissioning of the CO2 Plant to Convert the waste molasses fermentation into liquefied Carbon dioxide and dry ice for an investment of Rs 3 crores.
From its inception in 1970, Davangere Sugar Company Limited has evolved since its location in Kukkuwada, Karnataka, has been an important part of the city’s development. As part of its commitment to innovation, the company has expanded its product portfolio beyond Sugar into Sustainable Power and Ethanol Solutions. Its offerings reflect a harmonious blend of tradition and modernity, providing customers with a diverse range of high-quality products.
With its refinery and high-capacity ethanol facility, Davangere Sugar Factory stands out as a pioneer in sustainability. In addition to its commitment to Zero Waste & Green Energy principles, the company actively promotes local livelihoods and provides significant employment opportunities.
Currently, Davangere Sugar Company Ltd boasts a capacity of 6000 TCD (Tons of Cane Crushed per Day) at its expansive sugar plant. With an area of approximately 2,83,874 square feet, the company’s sugar unit demonstrates the company’s dedication to efficiency. Moreover, the establishment of five large warehouses, capable of storing 6 lakh quintals of sugar, underscores its emphasis on robust storage and distribution capabilities, ensuring a seamless supply chain.
With a production of 3,06,192 quintals, the sugar facility demonstrates efficiency, recovering 6.34% of crushed sugarcane. This demonstrates the company’s dedication to quality and yield. Additionally, with a 65 KLPD capacity, Davangere Sugar Company Ltd produces 1,99,39,345 KL ethanol, embodying its dedication to sustainable and eco-friendly energy solutions.
The company’s Co-generation power plant occupies 1,23,018 square feet and boasts an installed capacity of 24.45 MWs per day. This expansive facility reflects its commitment to efficient power generation. The power division has grown both in scale and in sustainability, with a remarkable increase in output from 4,39,82,700 KWH in FY20 to 6,22,17,400 KWH in FY23.
Davangere Sugar Company Limited is deeply committed to enhancing shareholder value through sustainable practices. By prioritizing environmental stewardship and community engagement, it aims to create value while safeguarding the planet for future generations. Its dedication to sustainability not only mitigates risks but also fosters resilience, ensuring sustainable growth and prosperity.
(The above press release has been provided by PNN)
