Good morning Ladies and Gentlemen
Welcome to the 25th Annual General Meeting of your Company. On behalf of the Board of Dwarikesh, I thank you for joining us today. Your presence is indeed a true testimony of your involvement with and support to the Company.
Through the unique opportunity provided by the AGM, I shall share my thoughts with you, take you through the operations of the company and brief you of the contemporary developments which will have far reaching implications on the future of sugar industry. With your kind permission, I take it that you have read the audited financial statements and the Directors' report for the year ended on the 31st March 2019.
Let me make you walk through the financial numbers of the FY 2018-19. The financial performance may be considered satisfactory as the industry operated in an extremely challenging environment.
- During the financial year, the company had earned revenue of Rs. 1,084 crores vis-à-vis Rs. 1,458 crores in the previous year. This decline in revenue is attributable to the monthly release mechanism administered by the Central Government, which resulted in lesser quantity of sugar sold and lesser realization on sugar sold.
- EBIDTA, during FY 2018-19 both in absolute numbers and in % terms is better as compared to the EBIDTA during previous period. In absolute numbers the EBIDTA amount is Rs 165 crores (15.23%) as compared to EBIDTA amount of Rs 160 crores (11.19%) in the previous FY. While power & distillery segments have clocked better EBIDTA, the sugar segment has reported lesser EBIDTA.
- The company had earned EBDTA of Rs 144 crores as compared to Rs 135 crores earned in the previous FY and earned EBT of Rs 111 crores when viewed in juxtaposition with that of the previous FY (Rs 103 crores) has also improved.
- Earnings after tax at Rs 95 crores as compared to the earnings after tax of previous FY of Rs. 101 crores is lower on account of higher provisioning of taxes.