{"id":163134,"date":"2024-07-17T04:12:15","date_gmt":"2024-07-17T08:12:15","guid":{"rendered":"https:\/\/44.250.171.167\/?p=163134"},"modified":"2024-07-17T04:12:16","modified_gmt":"2024-07-17T08:12:16","slug":"magadh-sugar-energy-ltd-q1-fy25-earnings-conference-call-insights","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/magadh-sugar-energy-ltd-q1-fy25-earnings-conference-call-insights\/","title":{"rendered":"Magadh Sugar &#038; Energy Ltd Q1 FY25 Earnings Conference Call Insights"},"content":{"rendered":"<p><strong>Key highlights from Magadh Sugar &amp; Energy Ltd (MAGADSUGAR) Q1 FY25 Earnings Concall<\/strong><\/p>\n<ul>\n<li><strong>Sugar Production<\/strong>\n<ul>\n<li>ISMA reported sugar production reaching approximately 314 lakh tons.<\/li>\n<li>Final net sugar production anticipated to be near 320 lakh tons.<\/li>\n<li>Increase in number of operating factories to 516, up from 460 last year.<\/li>\n<li>Projected closing stock of 91 lakh tonnes by September 30, 2024.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Expansion Plans<\/strong>\n<ul>\n<li>Increasing crushing capacity at Narkatiaganj Unit from 7500 TCD to 10,000 TCD.<\/li>\n<li>Implementing innovative steam saving measures to enhance efficiency and productivity.<\/li>\n<li>Converting Sidhwalia Distillery to a multi-fit distillery by adding grain attachment.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Financial Performance<\/strong>\n<ul>\n<li>Revenue from operations for 1Q stood at INR288 crores, down from INR299 crores last year.<\/li>\n<li>EBITDA increased to INR81 crores from INR69 crores in the previous year.<\/li>\n<li>Full-year consolidated revenue reached INR1,098 crores, up from INR955 crores last year.<\/li>\n<li>PAT for the full year significantly improved to INR177 crores from INR50 crores in the previous year.<\/li>\n<li>The increase in EBITDA was attributed to higher sugar realization and increased sales volumes in both sugar and ethanol.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Ethanol Production<\/strong>\n<ul>\n<li>Total ethanol production for the full year reached 498 lakh liters, up from 393 lakh liters in the previous year.<\/li>\n<li>Ethanol sales increased to 467 lakh liters from 399 lakh liters in the corresponding year.<\/li>\n<li>Average realization for ethanol stood at 60.14 per liter, slightly down from 60.76 per liter in the previous year.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Crushing and Sugarcane<\/strong>\n<ul>\n<li>The company completed the 2023-2024 sugar season with crushing of around 2.37 crore.<\/li>\n<li>This represents an increase of 4% to 5% compared to the previous year&#8217;s 2.28 crore.<\/li>\n<li>The company is replacing the 0238 variety due to infestation with red rot.<\/li>\n<li>New promising varieties like CO-0118 and CO-9301 are being introduced.<\/li>\n<li>The goal is to have no single variety exceed 40% of the total crop.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Capex Plans<\/strong>\n<ul>\n<li>The company is undertaking two major capital expenditure projects.<\/li>\n<li>At Narkatiaganj, crushing capacity is being increased from 7,500 to 10,000 TCD.<\/li>\n<li>This project will cost INR141 crore and is expected to generate an EBITDA of at least 25%.<\/li>\n<li>The Sidhwalia distillery is being converted to a multi-feed facility to address ethanol production challenges.<\/li>\n<li>The multi-feed capability will allow the use of maize and rice in addition to molasses.<\/li>\n<li>These projects aim to increase efficiency, production capacity, and flexibility in ethanol production.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Global Sugar Market<\/strong>\n<ul>\n<li>Brazil is expected to produce 3.57 million metric tons of sugar next year, up from 3.49 million metric tons last year.<\/li>\n<li>White sugar prices in the London market are hovering around 570.<\/li>\n<li>Raw sugar prices have come down to around 19.5.<\/li>\n<li>No substantial downward movement is expected from these prices.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Cane Pricing<\/strong>\n<ul>\n<li>The cane cost for the company was INR353 last year.<\/li>\n<li>In Bihar, sugar industry players collectively decide cane prices with the government for the upcoming season.<\/li>\n<li>Current prices are INR335 for general variety and INR355 for early variety in Bihar.<\/li>\n<li>Comparatively, the price in Uttar Pradesh is INR370.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Multi-feed Distillery<\/strong>\n<ul>\n<li>The company is converting its Sidhwalia distillery to a multi-feed facility at a cost of INR32 crores.<\/li>\n<li>This conversion will allow the use of various grains, including maize and rice, in addition to molasses.<\/li>\n<li>The daily requirement for grain is around 7,800 metric tons.<\/li>\n<li>Maize availability in the surrounding area (Samastipur, Begusarai, Khagaria districts) is approximately one lakh metric tons.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Cane Availability<\/strong>\n<ul>\n<li>The company crushed 237 lakh quintals last sugar season and has the potential to reach 280 lakh quintals.<\/li>\n<li>The company has not yet reached saturation point in cane availability.<\/li>\n<li>Increasing the processing capacity at Narkatiaganj is expected to boost crushing by 28% to 29%.<\/li>\n<li>The maximum crushing days range from 140 to 150, with one unit operating up to 150 days.<\/li>\n<li>No significant threat from competitive crops in Bihar, with maize being used as an intercrop with sugarcane in some areas.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Power Generation Capacity<\/strong>\n<ul>\n<li>The company has a total power capacity of 38 megawatts.<\/li>\n<li>22 megawatts of the 38 megawatts is surplus or sellable capacity.<\/li>\n<li>The power generation primarily runs for 140 days during the sugar season.<\/li>\n<li>At the Sidhwalia unit, power generation can extend for an additional 7 to 15 days beyond the regular season.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Future Production Strategy<\/strong>\n<ul>\n<li>The company would prefer to use B-heavy molasses as the first choice for ethanol production.<\/li>\n<li>The ideal mix could be around 90% B-heavy molasses and 10% C-heavy molasses.<\/li>\n<li>However, the decision will depend on factors such as cane cost, ethanol pricing, and sugar prices.<\/li>\n<li>The company will evaluate which product (sugar or ethanol) is more beneficial based on market conditions and government pricing policies.<\/li>\n<li>There is an expectation that the government may revise ethanol pricing policies after the elections.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Key highlights from Magadh Sugar &amp; Energy Ltd (MAGADSUGAR) Q1 FY25 Earnings Concall Sugar Production ISMA reported sugar production reaching approximately 314 lakh tons. Final net sugar production anticipated to be near 320 lakh tons. Increase in number of operating factories to 516, up from 460 last year. Projected closing stock of 91 lakh tonnes [&hellip;]<\/p>\n","protected":false},"author":1767,"featured_media":162998,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[9825,392,5746],"tags":[10169,8161,10084],"class_list":["post-163134","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-call-highlights","category-earnings","category-energy-stocks","tag-earnings","tag-energy","tag-sugar-industry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2024\/07\/CC_Image_8.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":141961,"url":"https:\/\/alphastreet.com\/india\/eid-parry-india-ltd-eidparry-q3-fy23-earnings-concall-transcript\/","url_meta":{"origin":163134,"position":0},"title":"EID Parry (India) Ltd (EIDPARRY) Q3 FY23 Earnings Concall Transcript","author":"IRS_INDIA","date":"February 16, 2023","format":false,"excerpt":"EID Parry (India) Ltd (NSE:EIDPARRY) Q3 FY23 Earnings Concall dated Feb. 15, 2023. 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