Praj Industries (Praj) announced its unaudited financial results for the quarter ended September 30, 2021.
Commenting on the Company’s performance for Q2 FY2022, Shishir Joshipura, CEO & MD, Praj Industries said, “We have leveraged our leadership position to build a very strong order book and report a robust performance during the quarter. Focus on developing carbon free economy coupled with a gradual return to normalcy in post covid era is leading to an improving traction in our international business. Overall, we are looking forward to accelerated growth building on our technological prowess and leadership position in the market.” Some of the highlights of the report are as follows:
Performance Review for Q2 FY22 – Consolidated:
• Income from operations stood at Rs. 532.41 crore (Q1 FY22: Rs. 386.26 crore; Q2 FY21: Rs. 260.24 crore)
• PBT is at Rs. 46.77 crore for the period (Q1 FY22: Rs. 29.80 crore; Q2 FY21: Rs. 15.67 crore)
• PAT is at Rs. 33.34 crore (Q1 FY22: Rs. 22.20 crore; Q2 FY21: Rs. 11.39)
• Order intake during the quarter Rs. 745 crore (Q1 FY22: Rs. 661 crore; Q2 FY21: Rs. 405 crore)
Performance Review for H1 FY22 – Consolidated:
• Income from operations stood at Rs. 918.67 crore (H1 FY21: Rs. 389.79 crore)
• PBT is at Rs. 76.57 crore for the period (H1 FY21: Rs. 1.15 crore)
• PAT is at Rs. 55.54 crore (H1 FY21: Rs. 0.89 crore)
• Order intake Rs. 1406 crore (H1 FY21: Rs. 715 crore)
Key Developments:
• Current ethanol blending levels at ~8.5% as on September 2021
• With a view to encourage sugar mills to divert excess sugar to ethanol, the Centre announced that the incentives on sugar sacrificed for producing ethanol from B-heavy molasses, sugarcane juice, sugar syrup, sugar have been doubled from October 2021 onwards
• Strong momentum on capacity creation for ethanol based on starchy feedstock
• Ethanol production capacity of plants using Praj’s technology solutions across the globe has crossed formidable 11 billion litters annually. This translates to around 10% of global ethanol production (excluding China).