Dalmia Bharat Sugar Q4 Results Review: Higher Exports Lead Revenue Growth: ICICI Direct

DBS revenue witnessed growth of 34.2% led by sugar segment sales growth of 17.4% and distillery sales growth of 27.6%. The 17.4% growth in sugar sales was led by 28% growth in sugar sales volume to 1.92 lakh tonnes mainly on account of higher exports during the quarter. We believe sugar realisation also would have inched up mainly due to higher sugar export realisation (contracted by | 38-40/kg). Distillery sales growth of 27.6% was led by 41% growth in ethanol volumes to 5.84 crore litre. Distillery volumes were aided by completion of distillery capex earlier in year. The company sold 17.23 crore litre of ethanol in FY23.

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