Net profit of Uttam Sugar Mills declined 33.57% to Rs 26.06 crore in the quarter ended December 2022 as against Rs 39.23 crore during the previous quarter ended December 2021. Sales declined 23.64% to Rs 471.61 crore in the quarter ended December 2022 as against Rs 617.62 crore during the previous quarter ended December 2021.

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Uttam Sugar Mills will hold a meeting of the Board of Directors of the Company on 11 February 2023.

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The project will require an investment of Rs 56 crore and is expected to be completed by December 2023. The amount will be financed through internal accruals and loans under the interest subvention scheme of Department of Food and Public Distribution, GOI.

The company in an exchange filing said, “The Central Government is encouraging mixing of ethanol with fuel as the same is eco-friendly & saves foreign exchange for the country. Keeping in view the Government's policy and increased demand of ethanol at National level, the company has decided to increase/enhance the distillery capacity (ethanol) at its Barkatpur plant.

Further, the board has also approved increase in the cane crushing capacity from 23750 tons of cane per day (TCD) to 26200 TCD of the company and improvement in energy efficiency.

The capacity enchancement will require an investment of Rs 40 crore and is expected to be completed by November 2023. The project cost will be financed through internal accruals /loans.

The company further added, “Keeping in view the increased yield and sugar content in the cane as a result of intensive 'Cane Development Programme' undertaken by the company, it has decided to install the balancing equipments to take care of additional cane availability and higher sucrose content in cane.”

Uttam Sugar Mills is engaged in production of sugar, ethanol and generation of power. The company operates in three business segments: sugar, cogeneration and distillery.

The company reported a net loss of Rs 10.04 crore as against a loss of Rs 0.44 crore in Q2 FY23 over Q2 FY22. Net sales slipped 4.6% to Rs 454.53 crore in Q2 FY23.

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Net loss of Uttam Sugar Mills reported to Rs 10.04 crore in the quarter ended September 2022 as against net profit of Rs 0.44 crore during the previous quarter ended September 2021. Sales declined 4.59% to Rs 454.53 crore in the quarter ended September 2022 as against Rs 476.40 crore during the previous quarter ended September 2021.

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