Dalmia Bharat Sugar Q1 net profit rises 24.50% at ₹61.34 crore

Dalmia Bharat Sugar and Industries Ltd on Tuesday reported a growth of 24.50% in net profit at ₹61.34 crore for the first quarter ended June 30, 2023 of fiscal year 2024.

The company had reported a profit of ₹49.27 crore in the same quarter of fiscal year 2023.

Total income declined 9.50% in the June quarter of FY24 at ₹843.04 crore as compared to ₹931.55 crore a year ago, Dalmia Bharat Sugar said in an exchange filing.

The company reported EPS of ₹7.58 for the period ended June 30, 2023 as compared to ₹6.09 for the same period last year. 

For the June quarter, the company’s sales stood at ₹833.89 crore as compared to ₹924.19 crore a year ago.

Shares of Dalmia Bharat Sugar and Industries Limited on Tuesday closed at ₹380, down 0.11%, on the NSE.

On Monday, the board of Dalmia Bharat Sugar and Industries Limited announced that it will pay a dividend on the 16th of August, with investors receiving ₹1.00 per share. This means that the annual payment will be 1.1% of the current stock price, which is in line with the average for the industry, according to a report by Simplywall.st.

The company has a long dividend track record, but it doesn't look great with cuts in the past. The dividend has gone from an annual total of ₹0.25 in 2013 to the most recent total annual payment of ₹4.00, said the report.

In the fourth quarter of fiscal year 2023, Dalmia Bharat Sugar’s profit nearly doubled, aided by higher sales in their sugar and distillery segments.

The sugar manufacturer's net profit from continuing operations rose to ₹125 crore  in the quarter ended March 31 from ₹62.72 crore.

Fourth quarter revenue  from operations rose nearly 35.8% to ₹1,149 crore, as export volumes for sugar went up and ethanol prices spiked.