Simbhaoli Sugar Mills' Q1FY07 up by 24 pc

New Delhi, July 31 (UNI) Simbhaoli Sugar Mills Ltd (SSML) today registered a 24 per cent rise in its net profit at Rs 8.75 crore in the first quarter ended June 30, 2006, as against Rs 7.05 crore in the corresponding period last year.

Meanwhile, the net sales of company also rose up by 20 per cent at Rs 164.43 crore, while the Earning Per Share for the quarter was at Rs 4.36.

''The distillery business of the company has shown a commendable contribution to sales, where the EBIDTA margins have gone up from 3 per cent to 6.2 per cent. This has been due to the 12 per cent increase in the country liquor sales and lower cost of molasses.

This performance will be boosted further with the completion of the Chilwaria ethanol distillery by the end of August 2006,'' Mill's Executive Director G S C Rao said.

The company also expects a similar performance from the sugar, ethanol and cogeneration segments in the coming years with all the expansion plans of the company expected to be completed by March 2007.

The revenue from sugar business also registered a growth of 19.62 per cent to Rs 147.88 crore in the quarter ended June 30, 2006 as against Rs 123.63 crore in the corresponding quarter last year.

SSML also registered profits from trading of sugar, which it started for the first time in this quarter.

The Brijnathpur sugar division of the company is also scheduled to start from November 2006.

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