Mawana Sugars Limited on May 25 announced its financial results for the fourth quarter and full year ended Mar 31, 2024.
Performance overview:
Revenue from operations at 322.19 crore in March 2024 compared to Rs. 350.33 crore in March 2023.
Quarterly Net Profit at Rs. 47.08 crore in March 2024 compared to Rs. 52.14 crore in March 2023.
Mawana Sugars EPS has decreased to Rs.12.04 in March 2024 compared to Rs. 13.33 in March 2023.
For the full year, net profit rose to Rs 37.65 crore in the year ended March 2024 as against Rs 13.13 crore during the previous year ended March 2023. Revenue from operations declined to Rs 1,355.09 crore in the year ended March 2024 as against Rs 1,481.71 crore during the previous year ended March 2023.
As at March 31, 2024, the Company is carrying deferred tax assets of Rs. 13 .50 crores on unabsorbed depreciation and other items. Based on profits earned during the previous years and current year, profitability projections, considering expected future market and economic conditions, tax laws, the Management is confident that there would be sufficient taxable profits in future which will enable the Company to utilize the above deferred tax assets on unabsorbed depreciation and other items.
The board of directors of Mawana Sugars Limited meeting held on May 25, 2024, recommended a dividend of 40% i.e. Rs. 4/- per Equity Share of face value of Rs.10/- each for the financial year ended on 31.03.2024. The dividend, upon approval by the shareholders, will be paid within 30 days from the date of the 60th Annual General Meeting (AGM).
