Dwarikesh Sugar Q1 net up 34.85 pc

MUMBAI: Integrated sugar conglomerate, Dwarikesh Sugar Industries Ltd has posted a 34.85 per cent rise in net profit to Rs 7.63 crore for the first quarter ended December 2005. As a result of better realisation in sugar prices, the net sales grew 22.05 p er cent for the quarter ended December 2005 to Rs 40.37 crore, the company informed the National Stock Exchange.

The company has also raised $12 million through the issue of 3 million global depository receipts (GDRs), which are listed on the Luxembourg Stock Exchange. Each GDR representing one underlying equity share in the company, was priced at $4.

Dwarikesh has commenced crushing at its at Bahadarpur plant in Uttar Pradesh and this green field project has a crushing capacity of 7,500 tons per day (TCD). With the setting up of the new plant, the company's combined capacity has moved up to 14,000 TC D and the co-generation capacity has increased to 26 MW from 17 MW.

"The commencement of the new green field project has enabled us to more than double our capacity, the full benefits of this expansion will accrue during the current financial year," Chairman and Managing Director of the company, Mr G R Morarka, said.

At the AGM held today, the board has declared a 12 per cent dividend on redeemable cumulative preference shares.

- Hindu Business Line
January 16, 2006