K K Birla group sugar companies, Magadh Sugar & Energy and Avadh Sugar & Energy, have posted a decline in net profits during the third quarter of current financial year ending December 31, 2024.
Net profit of Magadh Sugar dipped to ₹21 crore in the third quarter as against ₹39 crore in the same period previous corresponding period.
The total income of the company during the third quarter stood higher at ₹285 crore as compared to ₹219 crore in the similar corresponding period, a statement by the company said.
Similarly, the net profit of Avadh Sugar during the third quarter of the current financial year dipped to ₹7 crore as compared to ₹22 crore in the previous corresponding period.
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The total income of the company during the current third quarter stood at ₹619 crore as against ₹595 crore in the previous similar period of 2023-24.
Co-chairperson of Avadh Sugar C S Nopany said the sugar season of 2024-25 has presented a mixed outlook, with challenges such as lower cane yields and lower recovery in key states like Uttar Pradesh, Maharashtra and Karnataka impacting overall production.
Nopany said both the companies will continue to make strategic investments to expand production capabilities to create value for the stakeholders.