 "Dwarikesh Sugar bounces back post Q4 results")
Dwarikesh Sugar Industries has surged by 10% to Rs 205, bouncing back 15% from intra-day low on the BSE, after the company reported more than four-fold jump in net profit at Rs 53 crore for the quarter ended March 31, 2016 (Q4FY16), on account of firming up of sugar prices.
The company had profit of Rs 12.50 crore in the same quarter year ago. Net sales of the company grew 15% at Rs 231 crore on YoY basis.
“From a low of around Rs 2,200 per quintal during August, 2015 the price of sugar started surging from November 2015 onwards. Presently ex-mill sugar prices reasonable @ Rs 3,350 per quintal”, Dwarikesh Sugar said in a statement.
On outlook, the company said global deficit seen continuing in spite estimated increase in production in Brazil during 2016-17.
In spite estimated lower domestic production (23.5 million to 24 million tons) during the ensuing season of 2016-17, domestic sugar balance expected to remain reasonable, with a comfortable stock to (consumption) off-take ratio, it added.
At 02:21 PM, the stock was trading 6% higher at Rs 196, after hitting an intra-day low of Rs 178 before the announcements. The trading volumes on the counter jumped an over four-fold with a combined 1.08 million shares changed hands on the BSE and NSE.
The company had profit of Rs 12.50 crore in the same quarter year ago. Net sales of the company grew 15% at Rs 231 crore on YoY basis.
“From a low of around Rs 2,200 per quintal during August, 2015 the price of sugar started surging from November 2015 onwards. Presently ex-mill sugar prices reasonable @ Rs 3,350 per quintal”, Dwarikesh Sugar said in a statement.
On outlook, the company said global deficit seen continuing in spite estimated increase in production in Brazil during 2016-17.
In spite estimated lower domestic production (23.5 million to 24 million tons) during the ensuing season of 2016-17, domestic sugar balance expected to remain reasonable, with a comfortable stock to (consumption) off-take ratio, it added.
At 02:21 PM, the stock was trading 6% higher at Rs 196, after hitting an intra-day low of Rs 178 before the announcements. The trading volumes on the counter jumped an over four-fold with a combined 1.08 million shares changed hands on the BSE and NSE.