Vishwaraj Sugar Industries shares have extended their gains to a second consecutive session on Monday after the company reported a robust performance in the period that ended on March 31, 2022. However, the company had a net loss after adjusting for the deferred tax.
Vishwaraj Sugar reported a 52 per cent increase in revenue from operations on a year-on-year basis to Rs 199 crore for the quarter that ended on March 31, 2023, against an operating revenue of Rs130 crore in the year-ago period. The company clinched an EBITDA of 13.10 crore and a net profit of 2.94 crore.
For the quarter ending March 2023, its net loss was at Rs 46.05 crore, compared to the same period last year. The company made its earnings public on Friday at the later end of the trading session.
The scrip extended its gains by more than 8 per cent to 19 rupees on Monday. On Friday, the counter surged more than 17 percent from its current low of Rs 155.6 to Rs 18.45 before settling at Rs 17.38. The share has surged about 21 percent in the past two sessions as the smallcap sugar player holds a market value of about 340 crore.
For the entire year 2022-23, the company generated 32 per cent revenue from operations, compared to the earnings of operations at 469 per cent in the year-ago period. The profit before tax came in at 25.54 crore for the year, with a net EBITDA of 69.06 crore. The company had achieved a net loss of Rs 23.44 billion for the entire year, down from Rs 23.44 billion in the previous year.
Vishwaraj Sugar Industries, established in the year 1995, is an integrated sugar and other allied products manufacturing company operating from the district of Belgaum in the state of Karnataka. The company operates a single-location sugar unit with a certified crush capacity of 11,000 TCD.
The company also produces other allied products such as rectified spirits, extra-neutral spirits, natural alcohol vinegar, compost, carbon dioxide, and is engaged in the generation of power from bagasse, a byproduct of the sugar industry, for captive consumption as well as external sale.