Dwarikesh Sugar Q1 profit surge over 88 per cent, stock closes up by nearly 2 per cent

Sugar manufacturing major Dwarikesh Sugar Industries Limited reported an 88 per cent growth in its net profit on a year-on-year basis for the quarter ended June 2017 on August 10.
 
The company’s net profit for the quarter ended June 2017 stood at Rs 59.3 crore against a net profit of Rs 31.5 crore for the quarter ended June 2016.
 
The total revenue of the company increased by 70 per cent from Rs. 306.1 crore in Q1 FY17 to Rs. 522 crore in Q1 FY18. While the net revenue of the company also increased by 70 per cent to Rs 493.6 crore in Q1 FY18 from Rs. 289.7 crore reported in Q1 FY17. The company is expected to continue its growth momentum in the coming quarters with normal monsoons and a conducive environment for agricultural activities.
 
Furthermore, leading rating agency ICRA upgraded the long-term rating for the company’s Rs 600 crore lines to 'ICRA A plus’ from 'ICRA A minus' with stable outlook.
 
The company has three fully automated and highly efficient sugar mills located in Uttar Pradesh’s sugarcane-rich belt of Bijnor and Bareilly districts.
 
The stock of the company closed at Rs 66.95, up by 1.83 per cent on August 10 on the BSE. The stock had hit an intraday high of Rs 68.85 at 02:15 hrs IST and an intraday low of Rs 64.25 at 02:55 hrs IST. The stock was by over 5 per cent intraday despite a low market.