Kolkata: The Board of Directors of ASEL at its meeting held on 23rd May, 2017 took on record the Audited Financial Results for the Financial Year ended 31st March, 2017.
The Board of Directors has recommended dividend on 8.5% / 12% Non-Convertible Cumulative Redeemable Preference Shares (NCCRPS) aggregating to Rs. 3,441.68 lakhs including Dividend Distribution Tax which includes Rs. 2,697.93 lakhs towards arrear dividend and dividend distribution tax thereon for earlier years, subject to approval of Shareholders.
The Board of Directors has also recommended a dividend of Rs. 2/- per equity share of Rs. 10/- each for the year ended 31st March 2017, subject to approval of Shareholders.
|FINANCIALS AT A GLANCE
Rs. (in lacs)
|EPS (Basic & Diluted – not annualized)||80.92||(1.03)||210.95||(2.19)|
Commenting on the results, Shri Chandra Shekhar Nopany, Co-Chairperson, Avadh Sugar & Energy Limited said:
“Globally the sugar season 2016-17 has witnessed a fall in sugar production after continuous 5 years of surplus production, thereby correcting the imbalance in the demand and supply position. In India, production was significantly lower due to drought resulting in lower output in Maharashtra and Southern India. As a result, sugar prices firmed up both domestically and internationally to reasonable levels and it is expected to remain steady in the subsequent quarters.”
The Company has applied to the BSE Limited (BSE), National Stock Exchange of India Limited (NSE) and The Calcutta Stock Exchange Limited (CSE) for listing of equity shares allotted in terms of the Composite Scheme of Arrangements, approvals whereof are pending as on date.
ASEL ‘s main objective to deal in sugar and sugar products, spirits and alcohol of denatured of any strength and all other products arising out of the manufacturing process of sugar or resultant of any activity related to sugar business, generation of power through various means.
The Company has four sugar mills at Hargaon (District Sitapur, Uttar Pradesh), Seohara (District Bijnor, Uttar Pradesh), New India Sugar Mills, Hata (District Kushinagar, Uttar Pradesh), Rosa Sugar Works at Rosa (District Shahajahanpur, Uttar Pradesh) with a combined crushing capacity of 31,200 TCD. The company also has two distilleries at Hargaon and at Seohara with a total capacity of 200 KLPD. The Company also has Cogen facility and can generate 74 MW power.