Kolkata: The Board of Directors of MSEL at its meeting held on 24th 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 12% Non-Convertible Cumulative Redeemable Preference Shares (NCCRPS) aggregating to Rs.417.74lakhs including Dividend Distribution Tax which includes Rs.251.64lakhs 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)
|Particulars||Q4 FY 2016-17||Q4 FY 2015-16||12 months FY2016-17||12 months FY2015-16|
|EPS (Basic & Diluted – not annualised)||25.43||(1.04)||56.68||(2.20)|
Commenting on the results, Shri C S Nopany, Chairman, Magadh Sugar & Energy Limited said, “The Indian sugar industry has seen a revival, after 6 years of losses, due to a sharp fall in production coupled with support from the State Government of Bihar to revive this industry. The firming up of sugar prices to reasonable levels has seen positive cash flows and we expect that earnings should remain steady over the next few quarters.
The Company was incorporated on 19th March 2015 with the main object 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 three sugar mills at New Swadeshi Sugar Mills, Narkatiaganj (District West Champaran, Bihar), Bharat Sugar Mills, Sidhwalia (District Gopalganj, Bihar), Hasanpur Sugar Mills, Hasanpur (District Samastipur, Bihar) with a combined crushing capacity of 17,500 TCD. The Company is also having one distillery at Narkatiaganj with a total capacity of 60 KLPD. The Company also has a Cogen facility and generates38 MW power.